The Long Investor

$NIO TOP 20 UPDATE

Added 2023-07-10 17:28:59 +0000 UTC

$10.74 has been tested today and although the price action is just below that price right as of publication of this chart, it is good to be prepared.

Bulls have been stepping in and this is a combination of money flowing into the EV market and positive sentiment towards Chinese stocks, a lot of stocks are benefiting from this and $NIO is certainly enjoying this too.......and registration numbers are due out tomorrow too.

We can not rule out that this bounce and push today will not be met by a decline tomorrow in a 'buy the rumour, sell the news' situation.

So if the price can hold above $10.74, I believe we are in Subwave 3 of Wave 1, where Subwave 3 will continue higher to the 1.618 Fib at $13.48 and even higher to complete Subwave 5, close to $15.

A rejection at $10.74 and we revert to our normal $NIO chart and wait for the pull back to below $9 before adding.