NIO Stock Forecast and News: EV-maker's shares set to recapture psychological barrier of $40, levels
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Subscribe to Premium- NYSE: NIO is set to rise above $40 in May's first trading day.
- Shares of the Chinese EV-maker remain in an uptrend but must surpass the $42.62 peak.
- Robust car deliveries are one of the reasons driving the equity higher.
Sell in May and go away? Not so fast for NIo Inc (NYSE: NIO), which remains in an uptrend according to the charts. Recapturing the $40 level – as Monday's premarket trading is showing – would be a significant start.
Before getting to NIO's technical positioning, it is worth examining the fundamentals. As April came to a close, the Chinese electric vehicle maker published monthly delivery figures, which stood at 7,100 vehicles. While that is behind its manufacturing capacity of 7,500, it still implies the firm is set to exceed its guidance of shipping 21,000 cars in the second quarter of 2021.
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Stocks are also buoyed by similar upbeat figures from XPeng, where speculation is mounting ahead of the company's earnings report coming next week. The broader market mood is also improving after Friday's down day.
NIO Price Prediction
Make or break at $40? That is the question for many technical traders. Apart from being a round number, that price was also the closing value on April 6, giving it additional importance. As mentioned earlier, topping that level is on the cards according to premarket data, but the close is even more important.
Settling higher would prove that Thursday's close below $38.99 is the bottom of the downside correction that happened after NYSE: NIO peaked at $42.62 on April 26. Later in the week, surpassing that level would serve as a higher high and proving the uptrend.
Looking down, further support under $38.99 is at $38.40, which was a double-top in early April. Last month's trough of $35.66 is critical downside support.
At the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
This article is for information purposes only. The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice. It is important to perform your own research before making any investment and take independent advice from a registered investment advisor.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to accuracy, completeness, or the suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. The author will not be held responsible for information that is found at the end of links posted on this page.
Errors and omissions excepted.
- NYSE: NIO is set to rise above $40 in May's first trading day.
- Shares of the Chinese EV-maker remain in an uptrend but must surpass the $42.62 peak.
- Robust car deliveries are one of the reasons driving the equity higher.
Sell in May and go away? Not so fast for NIo Inc (NYSE: NIO), which remains in an uptrend according to the charts. Recapturing the $40 level – as Monday's premarket trading is showing – would be a significant start.
Before getting to NIO's technical positioning, it is worth examining the fundamentals. As April came to a close, the Chinese electric vehicle maker published monthly delivery figures, which stood at 7,100 vehicles. While that is behind its manufacturing capacity of 7,500, it still implies the firm is set to exceed its guidance of shipping 21,000 cars in the second quarter of 2021.
Stay up to speed with hot stocks' news!
Stocks are also buoyed by similar upbeat figures from XPeng, where speculation is mounting ahead of the company's earnings report coming next week. The broader market mood is also improving after Friday's down day.
NIO Price Prediction
Make or break at $40? That is the question for many technical traders. Apart from being a round number, that price was also the closing value on April 6, giving it additional importance. As mentioned earlier, topping that level is on the cards according to premarket data, but the close is even more important.
Settling higher would prove that Thursday's close below $38.99 is the bottom of the downside correction that happened after NYSE: NIO peaked at $42.62 on April 26. Later in the week, surpassing that level would serve as a higher high and proving the uptrend.
Looking down, further support under $38.99 is at $38.40, which was a double-top in early April. Last month's trough of $35.66 is critical downside support.
At the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
This article is for information purposes only. The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice. It is important to perform your own research before making any investment and take independent advice from a registered investment advisor.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to accuracy, completeness, or the suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. The author will not be held responsible for information that is found at the end of links posted on this page.
Errors and omissions excepted.
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