NIO finishing a Fib Retracement Ready to Continue LONG
Updated
NIO on the 4H chart was on an uptrend into a double top in late July and Early Augus. This
was confluent with the second upper deviation line above the mean anchored VWAP line
which is thick black. Now on the retracement price has hit the mid-Fibonacci levels of
0.38-0.5-0.62. The MACD is sowing an early buy signal with a line cross under the histogram.
I see this as a long trade on continuation with some early bullish divergence with a
the potential upside of 20% back to the VWAP lines whose resistance forced the double top.
I will put this on my China watchlist watching for the pivot low from which to enter.
was confluent with the second upper deviation line above the mean anchored VWAP line
which is thick black. Now on the retracement price has hit the mid-Fibonacci levels of
0.38-0.5-0.62. The MACD is sowing an early buy signal with a line cross under the histogram.
I see this as a long trade on continuation with some early bullish divergence with a
the potential upside of 20% back to the VWAP lines whose resistance forced the double top.
I will put this on my China watchlist watching for the pivot low from which to enter.
Note
I have now taken a long position at the low of morning Note
First Target 14.8 then 15.8Note
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