U.S. Markets closed
  • S&P 500

    4,538.43
    -38.67 (-0.84%)
     
  • Dow 30

    34,580.08
    -59.71 (-0.17%)
     
  • Nasdaq

    15,085.47
    -295.85 (-1.92%)
     
  • Russell 2000

    2,159.31
    -47.02 (-2.13%)
     
  • Crude Oil

    66.22
    -0.28 (-0.42%)
     
  • Gold

    1,782.10
    +21.40 (+1.22%)
     
  • Silver

    22.57
    +0.25 (+1.12%)
     
  • EUR/USD

    1.1317
    +0.0012 (+0.1019%)
     
  • 10-Yr Bond

    1.3430
    -0.1050 (-7.25%)
     
  • Vix

    30.67
    +2.72 (+9.73%)
     
  • GBP/USD

    1.3235
    -0.0067 (-0.5029%)
     
  • USD/JPY

    112.8000
    -0.4090 (-0.3613%)
     
  • BTC-USD

    50,429.45
    +1,362.64 (+2.78%)
     
  • CMC Crypto 200

    1,367.14
    -74.62 (-5.18%)
     
  • FTSE 100

    7,122.32
    -6.89 (-0.10%)
     
  • Nikkei 225

    28,029.57
    +276.20 (+1.00%)
     

Where Might Nio's Stock Move In The Coming Weeks?

  • Oops!
    Something went wrong.
    Please try again later.
·1 min read
In this article:
  • Oops!
    Something went wrong.
    Please try again later.

Nio Inc. (NYSE: NIO) gapped higher but pared gains by Friday afternoon. The Chinese electric vehicle maker announced it achieved record-high monthly and quarterly deliveries. The company delivered 10,628 vehicles globally in September, representing an increase of 125.70% year-over-year.

Nio was down 0.45% at $35.47 at last check.

As Nio Takes First Steps Into Norway, The Chinese EV Startup Will Be Up Against These Formidable Rivals

Nio Daily Chart Analysis

  • Shares look to be falling below pattern support in what technical traders call a pennant pattern.

  • The price had been getting condensed between narrowing highs and lows before the drop below support. This drop below support is a possible warning sign that further bearish moves may come if the price drops below the last low near $30.

  • The stock is trading below both the 50-day moving average (green), and the 200-day moving average (blue), indicating recent sentiment in the stock has been bearish.

  • Each of these moving averages may hold as a possible area of resistance in the future.

  • The Relative Strength Index (RSI) has been trading sideways for the past couple of months and sits at 51. This shows a relatively equal amount of buying and selling pressure in the market.

niodaily10-1-21.jpg
niodaily10-1-21.jpg

What’s Next For Nio?

Bullish traders are looking to see the stock bounce back higher and push upward in the pattern to pattern resistance. Bulls then want to see the stock push higher and breakout above resistance to possibly see a strong breakout.

Bears want to see the stock continue to fade lower and be unable to hold at the $30 support level. If the stock began to hold this level as an area of resistance, the stock could see a strong further bearish push.

See more from Benzinga

© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.