Please click like and follow me if enjoy my posts! :)
Due to the whole market meltdown, NIO has retraced back to Fib 0.786 lvl early this week. However, it has since then rebounded strongly and is currently fighting the resistance lvl.
Barring the continuing worsened market condition, I believe NIO's distribution cycle is nearly over. The current bargain price is hard to pass up despite the unfavorable external environment. The prudent approach would be to determine the total amount you want to put in, then use the pyramid method to scale in slowly as the price moves down lower.
I would grab my cheap shares of NIO if the price falls inside the buy zone and set the tight stop loss if the price falls below the buy zone.
*Dow, Nasdaq100, S&P500 and S&P400 are all still below SMA 200. SPX 50SMA/200SMA crossover seems imminent.
*Futures market seems indecisive. Dow and S&P500 are up while Nasdaq is down.
*GDP final and initial claim filing figures will come out tomorrow. Both reports may have the negative impact on the stock market tomorrow.
*Manufacturing related economic indictors may have the impact on NIO so it is worth to pay attention to them as they come out.
*COVID-19 growth factor slows down for the first time since Mar.11. Yesterday's growth factor was 0.86 (Below one means the exponential growth slows down)
DYOR! Not an investment advice.
Due to the whole market meltdown, NIO has retraced back to Fib 0.786 lvl early this week. However, it has since then rebounded strongly and is currently fighting the resistance lvl.
Barring the continuing worsened market condition, I believe NIO's distribution cycle is nearly over. The current bargain price is hard to pass up despite the unfavorable external environment. The prudent approach would be to determine the total amount you want to put in, then use the pyramid method to scale in slowly as the price moves down lower.
I would grab my cheap shares of NIO if the price falls inside the buy zone and set the tight stop loss if the price falls below the buy zone.
*Dow, Nasdaq100, S&P500 and S&P400 are all still below SMA 200. SPX 50SMA/200SMA crossover seems imminent.
*Futures market seems indecisive. Dow and S&P500 are up while Nasdaq is down.
*GDP final and initial claim filing figures will come out tomorrow. Both reports may have the negative impact on the stock market tomorrow.
*Manufacturing related economic indictors may have the impact on NIO so it is worth to pay attention to them as they come out.
*COVID-19 growth factor slows down for the first time since Mar.11. Yesterday's growth factor was 0.86 (Below one means the exponential growth slows down)
DYOR! Not an investment advice.
U.S total infected # will soon exceed that of China, which may again send the shockwave across the stock market.