NIO - Buy Target Hit Today 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
