Nio Inc (NIO) – [A 17% Rebound Target Met, What’s Next? ]

Chart Source: Tradingview.com 20th Oct 2021

From our post on 4th Oct we mentioned that Nio was consolidating around the $35 range and that it had corrected 40% since the high, as such, this has caught our attention. After a slight move down, we saw NIO stabilizing and right that it crossed its 20ema and even the 50ema. A nice 17% rebound in about 2 weeks is good in our view! The 20ema is starting to cross up the 50ema which is a positive sign!

It is currently at around the $40 resistance and if it manages to consolidate and break above this we might see $48 on the cards. But it won’t be that fast as it’ll take time to get there.! EVs are in play and we’ll update on TESLA soon too!

Hope you learnt something from the post! Keep a lookout for our next!

Yours

Humbly

Kelwin&Roy

Nio Inc (NIO) – [Time To Look At It? ]

Image source : nio.com

Nio has corrected about 40% since the last high in Jan. Ever since then it has been on a downtrend despite having positive QoQ growth for six quarters in a row. It has caught our attention as the price seems to be consolidating around $35. Lets take a look at the chart now.

Chart Source: Tradingview.com

We can see the horizontal support is around $34 and if price manages to hold that are we might start to see some rebound. Nio has been neglected by the markets and with EV coming back, this might spark some interest in this stock. The next support might be around $31. These are some points to scale in for long term holding.

As for trading, we also look to trade around the support and cut if these levels break. Some upside we’re looking at is $40 then $48. Watching it keenly.

Yours

Humbly

Kelwin&Roy