$NIO TOP 20 UPDATE
Added 2023-03-24 14:51:55 +0000 UTCNice rejection at the 200 Day and no more attempts to break through the $9.53 resistance line again. As we can see from the price action now, it is curving down and the RSI was showing this even on yesterdays chart. So it is good to look at other times in the past when this has happened, and I've identified 5 similar ones, all leading to the same downward trend since the top came in at $14 in Dec. The red circle shows that it pulled back and then bounced again, this is when the bulls were really trying to make this reverse, if you remember, this was when the red channel was there and there was a fight between the bulls and bears for the direction, ultimately the bears won, as we expected.
There does not appear to be that fight here and its probably due to the fact the market is weak right now and many are still expecting this to come down further, if the bulls do step in, I feel it will still only be a bounce and this will just delay getting to our buy zone until later.
For now, I am watching the Fib levels for any signs of support and what I'd like to see next is that stubborn $8 broken and we are into our buy zone shortly after.
Comments
to be honest with a price target of 100 it’s not even a bad idea adding shares from when the buy zone all the way back up to 10
Numan
2023-03-24 15:08:08 +0000 UTCBrilliant update thank you!
Barney
2023-03-24 14:53:59 +0000 UTC
