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- 1 The Nio stock price closed at $7.47 while observing a decrease of -3.77% during the last intraday session.
- 2 Nio price trades below 20,50,100 and 200-day EMAs.
- 3 The year-to-change return of Nio stock price is -27.42% while one year return is -54.15%.
The Nio stock price was only bullish during the month of January 2023 which led to the formation of a yearly high at $13.22. The stock price started to rise from the low of $9.50 and the bullish rally caused an increase of approximately 38.61%. Since then the price has been falling.
Recently, Nio’s price formed support at the $7.40 level and started to gain bullish momentum but the move was halted at $8.80. The bears pushed the price near the recently formed support of $7.40. The Nio stock price is on the verge of a breakout and if bears are able to push the price below the recent support, there is a higher probability for the price to melt down toward the $6.50 level amid bearish momentum.
While on the other hand, if the price gains bullish momentum at the support level, there is a higher probability for the price to head toward the immediate resistance level of $8.80 level. The bulls need to jump in the market to save the price from further downfall and attempt to break above the immediate resistance. If bulls can shatter the resistance, there is a clean move for the price to head toward $10.
Nio Earnings Report to be Released on June 9
NIO is slated to report its first-quarter results on June 9th. Nio competitor, LI Auto has outperformed by launching a new model in each quarter since the middle of last year, which is faster than both of XPeng and Nio. LI Auto has also reported a profitable first quarter. Recently, Nio has also introduced a new model named “ES6”. The company is expected to report an EPS of -0.40 and consensus estimates revenue to be $1.53 Billion.
Will Nio Price Fall to the $6.50 Level?
Source: NIO Stock Price By TradingView.
Nio stock price trades below 20,50,100 and 200-day EMAs indicating bearish sentiment prevailing in the market. RSI has crossed below the 40 mark suggesting a rise in bearish momentum. Chaikin money flow score is 0.01 falling from 0.19 indicating a loss of strength in the market.
The Nio stock price has arrived at the lower band of Bollinger indicating a possibility of pullback but the price needs to turn bullish and form support before traders can expect a retracement. Overall market sentiment is bearish for Nio and the possibility of pullback might be low.
Conclusion
Nio has not shown profits since inception and has not shown a positive net income. For a pullback, Nio’s stock price needs to form a support at the $7.40 level. The technical indicators are favoring the selling side. The earnings report might act as a catalyst for the price if it turns out to be positive.
Technical levels
Major support: $6.50 and $5.50
Major resistance: $8.80 and $10
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.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
