$NIO TOP 20
Added 2023-09-18 07:45:54 +0000 UTCI have added in two extra indicators today so we can try and see things from a different perspective.
First is the Anchored VWAP and is taken from the $7 low on the 1st of June and we can see that the share price is just sitting in the middle of the band.
The low of the VWAP band sits exactly at the 0.78 Fib at $9 and the price right now is just being held directly below the centre of the band.
Meaning the Fib levels correspond exactly to what the VWAP is saying, some people use this to identify support and resistance levels, I prefer Fib levels, as I believe the maths and theory is more reliable than just using volume....in this case, they are equally as good as each other.
The second is the MACD and we can see on the daily chart that this is showing that the trend is is plateauing and is ready to reverse, it still has more to do to turn bullish but it is showing that sellers may be exhausted at this stage.
I still believe we get one more flush down to make a lower low and this will not affect the MACD by much and the trend can still show a reversal next.
My plan remains the same, to buy at $9.
Comments
Called to a T. I’m thinking first week of October reversal will arrive. Let’s go
Raj Badola
2023-09-18 22:54:06 +0000 UTCI try to find the pain trade in everything. The pain trade is this not going lower, like everyone is expecting. The pain trade is going higher and forcing new money to chase. Let’s see.
Blake O
2023-09-18 14:52:52 +0000 UTC
