EVS took a beating last week in the market. I am looking to re-enter into my stake of NIO. The green bar is a reflection of what I perceive to be a demand zone for NIO. It has been on an uptrend and a break and hold below this level will signal to me that its market structure has changed and I will thus enter a sell. But I like the odds of buys around this area. Stimulus news + Vaccines will continue to push the market higher IMO.
My Plan and thoughts
- Demand zone showing confluence nicely with the .618 Golden ratio on retracement
- Approaching oversold on RSI. (Not there yet so I'm patient)
- If it gaps up my next point of entry will be at $47 where I would like to see a test and break of the 50EMA.
- If it gaps down I will see how it tests my demand zone.
- Great R:R trade :)
*All charts posted are for educational purposes only.
My Plan and thoughts
- Demand zone showing confluence nicely with the .618 Golden ratio on retracement
- Approaching oversold on RSI. (Not there yet so I'm patient)
- If it gaps up my next point of entry will be at $47 where I would like to see a test and break of the 50EMA.
- If it gaps down I will see how it tests my demand zone.
- Great R:R trade :)
*All charts posted are for educational purposes only.