The Long Investor

$NIO TOP 20

Added 2023-08-25 10:40:18 +0000 UTC

Getting to be a bit like Ground hog day with the $NIO chart each morning.

$10.50 has been defending all week now, on what has been a mixed week for the market.

We know it is a confluence level with a lot of moving averages at this area too:

On the Weekly chart: This is the 50 Day MA level

On the Daily Chart: The 200 Day MA is at $10.20

On the 1 hrt chart: $10.50 is the 0.618 Fib.

So within $0.30cent, we have a number of support lines and they are, so far, doing their job.

$NIO will be tested again today when Powell speaks, as will a lot of stocks.

There was a possibility that $NVDA was going to rise all boats together but it has not happened yet, like I said yesterday, the market may need a few days to settle and absorb what Powell has to say today.

I think the best case scenario from Powell will be: nothing is to change. Let the markets continue as projected, if this is the case, we can plan for the ABC correction at the end of the year.

With $NIO, I am contemplating adding more at this level, it is right around my average here so any movement up or down, will likely not affect my average here, so I do not mind adding to my average at these levels.