EVs have had quite the run these past 365 days. The time of reversal and realization has hit the public.
If you caught it, you could have made off pretty. Recently, NIO was negatively diverging on the daily MACD, and then formed a triple top formation before starting its reversal trend.
Now two big key events are taking place:
We are breaking a key support Fibonacci Level
We have broken a key demand zone
The MACD is accelerating negatively and we can see this trend remain bearish to the next significant Fibonacci level & demand zone. I see NIO pulling back to $20.
NOTE: We may see some consolidation around the next fib level ($27.36) before trending lower.
Totally agree. People are still in denial about Nio and other RIDICULOUSLY high flying EV stocks. Love Nio, but I’ve been shorting since $60 and will continue to do so into the mid 20’s.
Langutang
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@Bullishhhhh looks like you’ve made out well! Congrats. And I completely agree, the market is coming to its senses about these tremendous runs
MomentumMachine
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@Langutang, both of you will get crushed hard on Monday with STIM
Langutang
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@MomentumMachine, maybe, maybe not. But this is my technical analysis excluding news