Its been a long time coming but today NIO has hit my buy point after a long and devastating bear market.
And its no impossible that this bear market could continue down and down but today it has hit a significant Support @$5.65 and the 0.618 retracement @ $5.55.
So far today it is printing a hammer on the day chart and although that can be considered to be an automatic rally, I think it is more of a shakeout selling climax and should at least see a bounce or it may be the market bottom.
Also its worth noting that this chart has tight fibs; the top was a perfect two pivot 1.618 extension and so perhaps the 0.618 will capture the low.
However despite the hammer candle printing today, this is effectively catching a falling knife and so its not without significant risk.
On the 2 week chart, in the last half year the RSI has been spending most time in the second quadrant and I think thats a clue that a significant bounce is coming.
In the new breed EV (Electric Vehicle) section I prefer "..." to this because it hit a 2.272 extension rather than a retracement ratio and so I think that is more solid fib.
That said there is nothing in new breed EV that isn't very dicey.
So I have made an initial entry - not betting the farm.
Will look for more clues as this continues.
Not advice
And its no impossible that this bear market could continue down and down but today it has hit a significant Support @$5.65 and the 0.618 retracement @ $5.55.
So far today it is printing a hammer on the day chart and although that can be considered to be an automatic rally, I think it is more of a shakeout selling climax and should at least see a bounce or it may be the market bottom.
Also its worth noting that this chart has tight fibs; the top was a perfect two pivot 1.618 extension and so perhaps the 0.618 will capture the low.
However despite the hammer candle printing today, this is effectively catching a falling knife and so its not without significant risk.
On the 2 week chart, in the last half year the RSI has been spending most time in the second quadrant and I think thats a clue that a significant bounce is coming.
In the new breed EV (Electric Vehicle) section I prefer "..." to this because it hit a 2.272 extension rather than a retracement ratio and so I think that is more solid fib.
That said there is nothing in new breed EV that isn't very dicey.
So I have made an initial entry - not betting the farm.
Will look for more clues as this continues.
Not advice
Note
NIOHas made a strong recovery through wild earnings whipsaw downside shakeout.
And now it has recovered there is much more chance the trend will be up from here and I have bought back my position 👍.
Note
Hang Seng index is looking fairly solid and Chinese stocks are waking up.NIO nice 7% start to the week with a gap up.
Might be a Breakaway Gap.
Might be about to rip it 😅.
We'll see 👍.
Your FA guru can't read a chart💭
I run a technical group with lots of content every day + regular videos, 1:1, chatroom 🚀.
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I run a technical group with lots of content every day + regular videos, 1:1, chatroom 🚀.
Better than all the rest? My record speaks for itself 💡.
Telegram Group: $50 per month✨.
Contact: t.me/dRends35
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Your FA guru can't read a chart💭
I run a technical group with lots of content every day + regular videos, 1:1, chatroom 🚀.
Better than all the rest? My record speaks for itself 💡.
Telegram Group: $50 per month✨.
Contact: t.me/dRends35
I run a technical group with lots of content every day + regular videos, 1:1, chatroom 🚀.
Better than all the rest? My record speaks for itself 💡.
Telegram Group: $50 per month✨.
Contact: t.me/dRends35
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.