The Long Investor

$NIO TOP 20

Added 2023-09-28 11:05:06 +0000 UTC

Flat day yesterday for $NIO with a mixed day for the market. The first half of the day was in a descent and the market recovered very well, giving hope to people that the worst is behind us....I have not seen enough to believe the worst is over, considering the number of announcements today:

1. Core PCE for Q2
2. GDP growth for Q2

3. Jobless Claims

4. And Powell speaking later in the day.

So the movement in the PM now is academic to me and each of these announcements today could affect the markets movement....so for these reasons, I am not convinced that the worst is behind us....but a lot of stocks are in a position now, (especially the $SPY) that if a recovery does happen, now is a good time for this to happen.

That goes for $NIO too.....it has been beaten up plenty now and there is a plateau present above the 0.887 Fib and we can see on the RSI that this is clear here too, with a sideways movement and a slight kink up over the last day.

When the market moves, I suspect $NIO to follow suit as it looks ready.

Morgan Stanley announced today that $NIO is the highest shorted stock of all of the Chinese ADRs, this is also a sign that the bottom is close too.

We'll keep to the plan, September delivery numbers are due out on Sunday too.