The Long Investor

$NIO TOP 20 UPDATE

Added 2023-03-29 10:57:05 +0000 UTC

1 HR and the Daily chart here. Yesterday I spoke in the Telegram group that I'd like to see this held at $9.21 which is at the 0.786 Fib and it finished the day at $9.20, it is behaving well in the PM so far but as we know, the PM is a reference and we need to wait for the market to open. So it is just at 200 Day MA on the 1hr, it is looking like it could be in a position to make a move if it can but the big test is at $9.53, it could move up today to test that resistance line again, a break above this level and it can hold, then the buyers might be stepping in.

RSI and MACD are showing positive momentum on the daily, but the RSI has not gone above 50 yet, a typical indication that the bulls are buying is above 50, it is currently at 48.

My one concern here is that, if it goes above $9.53, it could move up to the yellow wedge and stop at $10.60 and reject and come down again. Making the structure we are in now since $8 from the start of March an ABC count.

The other option is that it could open today and decline along with a number of Chinese stocks as they let off some steam after a very positive day yesterday.

My plan then:

If it can hold above $9.53, I will add a position, and I will likely set a tight stop loss at 9 so if it does reject again, it will sell and I will wait for our buy zone.

The starting position that I will add will be less than 20% of my total position I intend to allocate for $NIO.