NIO: Analyzing level 2 data
What a morning!
I was correct with my call yesterday, gap up over the 1month trend line, however it didn't hold. Huge block sale came in at $57 (1min chart below) which caused a mini sell off, at one point there was an outflow surplus of 125M causing a massive downward pressure. This is a classic weak-hand sell-off followed by an institution picking up shares at the intra-day reduced price.
Morning play by play
After following the level 2 data + order book all morning this is what I noticed:
I was correct with my call yesterday, gap up over the 1month trend line, however it didn't hold. Huge block sale came in at $57 (1min chart below) which caused a mini sell off, at one point there was an outflow surplus of 125M causing a massive downward pressure. This is a classic weak-hand sell-off followed by an institution picking up shares at the intra-day reduced price.
Morning play by play
After following the level 2 data + order book all morning this is what I noticed:
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