The Long Investor

$NIO TOP 20

Added 2023-06-26 16:29:31 +0000 UTC

$NIO struggling to stay green now, after starting off the day in the green in PM but could not maintain that momentum at the opening then.

Tencent also announced today that it has cut its stake in $NIO stock by 25%, this being done from another Chinese company is not a positive development, likely this is adding pressure on $NIO today.

Support has still be held above the 200 Day MA on the 1HR chart and this is rising and it is just at $8.27 now, this is an important level to hold, if it does not hold, we could see a lot more downside.

Plan remains the same, we want to add again in the buy zone and unless this can hold above the $8.80 level, this is favouring moving down lower.