This is not a trade setup. DYODD.
Nio have retraced from 67 to 41.5. Crucial support is at 38.00 - 42.50. As long as this support holds, higher prices are possible. Price momentum and volatility can sent the price below 38.00 , hence if you choose to buy at this support, give yourself some buffer. A stop loss at 37-36.5 is recommended.
However, should price fall below 37.00 , it is most likely to fall into the bear zone. One should not hold beyond this point.
The EV theme have been stalled for quite sometime since Jan 2021. Market have moved on to another theme, such as covid recovery theme (airlines, cruise, retails).
Nio have retraced from 67 to 41.5. Crucial support is at 38.00 - 42.50. As long as this support holds, higher prices are possible. Price momentum and volatility can sent the price below 38.00 , hence if you choose to buy at this support, give yourself some buffer. A stop loss at 37-36.5 is recommended.
However, should price fall below 37.00 , it is most likely to fall into the bear zone. One should not hold beyond this point.
The EV theme have been stalled for quite sometime since Jan 2021. Market have moved on to another theme, such as covid recovery theme (airlines, cruise, retails).