$NIO TOP 20
Added 2023-10-05 09:40:45 +0000 UTCNice day yesterday, having held the 50 Day MA on the 1hr chart for the last few days and then started to drift up towards the end of the day yesterday, so we get a happy group.
The 50 Day MA is at $8.60 right now, so even though the PM is red and has been most days this week, this really does mean very little as the volume is minute compared to what happens at the open.
The 0.78 Fib is just above and there was some resistance here last week, which is fine, meaning the price action is respecting the Fib levels, the same way it has respected the 0.887 Fib for support.
What we do not want to see is a break down of this structure now, we have been in this Cup formation since the start of August and although it has expanded, it is still quite neat in this formation, this is what $NIO needs more of, stability.
When the market is ready to move higher, all boats should rise together and will help Chinese ADRs too.
Comments
It’s hard to use the daily chart right now for Nio while we see where it is finding support….so I rotate between the daily and 1hr to see where it is finding support on the 50 or 200 Day and usually it is on one of them
Gareth Neary
2023-10-05 09:52:49 +0000 UTCWhy do you usually use the 1hr time frame when looking for MA supports ?
RH+
2023-10-05 09:49:10 +0000 UTC
