$NIO TOP 20 UPDATE
Added 2023-06-22 20:00:46 +0000 UTC$NIO dropped to the $8.74 today, below the $8.80 level we said was potential support. $8.74 is important because it was the share price that the UAE govt funding scheme paid $750 Million at, which accounts for 7% of the company.
There is certainly a crack in the support level however, today showed that sellers are still around and it is likely to still finish red for the day, at -1.5% for the day so far.
I am not seeing that Subwave 4 is complete yet or signs of this moving higher for Subwave 5 either, so both possibilities are still on the table.
The share price does not have to hold the $8.75 level that UAE paid for it.
Price is still below the 50 Day MA on the 1hr chart so the trend is still downward for now, we will see how tomorrow behaves.
For me, I am still waiting and not rushing in here, it has already dropped nearly 15% so far from its top and the RSI is still showing a downward trend with slight basing right now.
