NIO stock price gained more than 6% in the intraday session, and the rise is attributed to its partnership Tibber and EV Battery Swap Station. The stock has witnessed a bear-regime post pandemic and had issues while scaling production. But NIO stock price broke out of the persisting pattern and formed a rally, taking leverage of the new partnership with technology energy provider Tibber. News of the trial operations could fuel an uptrend in the stock price.
NIO And Its Way in EV
The partnership between NIO and Tibber aims to provide NIO users in Norway, Germany, Sweden and Netherlands easy access to smart charging. Users can easily connect their NIO to the Tibber app and enjoy all the benefits of smart charging. The company is among the handful of EV producers investing in battery swapping as a major power option for electric cars.
NIO has begun trial operations of high-speed EV battery swap stations in China. With storage capacity of up to 21 battery packs each, NIO Power Swap Station 3.0 can pace up battery swapping to less than five minutes and lower the cost-of-service per swap. NIO has set a target of 2,300 battery swapping stations across the globe by the end of 2023. It has 1,323 operational stations as of March 23.
NIO Stock Price Analysis
NIO stock price reclaimed the declining streak after an intraday rally of 6.85%. The volume saw a positive rise as buyers participated in the market. The projected rally may soon try to break the 0.236 level of Fib retracement, and escalate aiming for a $22.00 price level. The anticipated rally will break the prolonged consolidation that started in late 2022.
The RSI spiked up amid the surge and moved to 60-range, indicating that buyers were gaining dominance. The MACD formed a positive divergence and recorded ascending buyer bars, which indicates rising bullish interest. The Volume Oscillator witnessed a sharp rise indicating a positive interaction regarding the trade of NIO stock. The indicators support the upsurge, but the trend may require a robust lift to make it last long.
Conclusion
NIO stock price broke the downtrend by marking a rise of 6.85% in a single trading session. The rally is attributed to the new partnership between NIO and Tibber, and the new trial operation for battery swap stations. The China-based EV manufacturer has taken mega steps to capture the major EV market. The new partnership aims to expand its reach across the globe and capture global markets. The holders of NIO can rely on the support near $8.00.
Technical levels
Support levels: $8.00 and $6.00
Resistance levels: $22.00 and $24.45
