NIO is having some consolidation, and it is more due to the massive growth in the EV market and investors cashing in unrealized profits before the end of the year, NIO is being sold with the rest.
IMO the consolation is limited, there is too much interest in this company, accumulation is taking place, so I see 2 scenarios, the first is a sideways move for couple weeks and the other is a deeper retracement to the 50% FIB from its latest impulse, that would put the stock low at perhaps 39ish, however NIO has proved to be a lot more resilient that expected.
I also see a return in growth for the whole EV market in Q121, the race will go on.
IMO the consolation is limited, there is too much interest in this company, accumulation is taking place, so I see 2 scenarios, the first is a sideways move for couple weeks and the other is a deeper retracement to the 50% FIB from its latest impulse, that would put the stock low at perhaps 39ish, however NIO has proved to be a lot more resilient that expected.
I also see a return in growth for the whole EV market in Q121, the race will go on.
