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- 1 Nio Stock Price (NYSE: NIO) shot up 10% in the previous session and attempted to break the 200-day EMA.
- 2 Nio Stock price holds the 50-day EMA showcase short-term uptrend.
- 3 Nio share price is up by 21% on a YTD basis.
Nio Stock price surged (NYSE: NIO) by 10% in the previous session and rose upward by forming higher high swings. Nio share price holds the $10.00 support and bounces back with a strong buying volume.
Nio Inc stock holds the 50-day EMA indicating the short-term trend is in an upward direction. However, it attempts to break the 200-day EMA to reverse the positional trend. But the confirmation is still awaited.
For the past few months, Nio Stock has consolidated in the narrow range between $7.00 to $10.00. Recently, prices broke out of the higher range and expanded upward.
At the beginning of June, Nio Inc released the previous quarter’s earnings. The company succeeded to meet the EPS estimate and stock prices reacted positively. Slow and steadily it began to rise and recovered 50% in a short period.
Nio Stock witnessed a sudden rise in the buying volume indicating some genuine investors might have accumulated from lower levels.
Nio stock price closed the previous session at $11.73 with an intraday rise of 10.87%. The market capitalization stands at $19.80 Billion.
Will Nio Stock Price reach $14.00 in the coming months?
NYSE: NIO daily chart by TradingView
Nio Stock Price Prediction shows that it is turning bullish for the long term and suggests more upward momentum is possible. It formed a bullish continuation pattern and bulls seem to be returning to track.
The support levels are shifting higher and higher indicating bulls’ dominance and a short-term down move will be easily absorbed by the buyers. Till the Nio share price holds the price above $10.00 the possibility of reaching $14.00 remains high.
However, if the price drops below $10.00 then buyers will be reluctant to build long positions. The technical analysis suggests NIO stock price is in the initial phase of the rally but confirmation is awaited.
NIO Inc stock rose for five consecutive weeks
NIO Inc stock rose for five consecutive weeks. The recent momentum looks reliable, and buyers will likely respect the support levels. The broader market index Nasdaq Composite and Dow Jones is in recovery mode which improves the market sentiment.
If the recovery continues in the overall market then Nio shares might also get positively impacted. The RSI curve at 68 near the overbought territory indicates short-term retracement is possible.
Conclusion
Nio Stock price surged (NYSE: NIO) by 10% in a single day It showed signs of a bullish trend reversal but the confirmation is awaited. The technical analysis suggests that Nio Inc stock holds $10.00 the possibility of reaching $14.00 remains high.
Technical levels
- Resistance levels: $13.00 and $14.00
- Support levels: $10.00 and $9.00
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Mr. Pratik chadhokar is an Indian Forex, Cryptocurrencies and Financial Market Advisor and analyst with a background in IT and Financial market Strategist. He specialises in market strategies and technical analysis and has spent over a year as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the Financial markets.
