Overbought MFI but RSI still good. Friday closing was extremely bullish - Possible to consolidate between 39 and 44 before continue moving towards targeting 53 and 69 - main resistance at 48 stoploss below 39
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Reached 47.25 - Volume start to decline as expected!
NIO Warning - This China backed company just gave a huge warning and nobody saw it. See below. SELL
What Happened: Li, who was speaking at the China Auto Chongqing Summit 2021, said that despite doing well the electric vehicle maker was struggling to close the gap with bigger legacy automakers.
"We're still pretty stressed overall, not because of the competition in the market, but from our thinking about whether the outlook, the pace, the direction is right for the future," Li said, as per cnEV post.
WinnerTrader99
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@HotCharts, Thanks for passing. As i said MFI is overbought and possible pullback or consolidation during coming sessions. but technically its nice bullish setup for long term.
WinstonWallace
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@HotCharts, What was he really trying to say? in layman terms please... why the direction is wrong now?
What Happened: Li, who was speaking at the China Auto Chongqing Summit 2021, said that despite doing well the electric vehicle maker was struggling to close the gap with bigger legacy automakers.
"We're still pretty stressed overall, not because of the competition in the market, but from our thinking about whether the outlook, the pace, the direction is right for the future," Li said, as per cnEV post.