NIO Stock Price: NIO Inc pushes past the technical pattern resistance zone

Nio's stock price has pushed nearly 5% higher on Monday.
There is a triangle formation that the price has pushed past.

FXStreet Team FXStreet

Nio News Today

The Nio share price today was boosted by its rival Nikola's news that the company secured an order for 2500 electric trucks. Soon the market will hear the latest update from Nio as second-quarter earnings are out on Tuesday morning.

The main metric that the market will be looking at is the vehicle margin. It is important that the company is making money on its individual units as we already know that the firm will be reporting a loss. Also, the company has also disclosed the number of orders for the ES6 sport-utility vehicle and the seven-seater ES8.

Looking closer at the chart, the price has recently broken above the trendline marked in black. Not only this, it has then retested the area and used as a support for a move higher.

The next big hurdle for the price is the previous wave high at 14.52 and if the bulls manage to take out that zone a test of the high on the chart of 16.44 could be on the cards. On the downside, the next support is at the 13.08 level. It has been used a few times to good effect so if there is a break there it could lead to a freefall.

The indicators are still pretty bullish. The MACD histogram is green and the signal lines are above the mid-level which is important. The Relative Strength Index is above 50 and there is still some room to hit the oversold zone if the bulls keep control. Overall, the price is in a fairly decent uptrend making higher highs and higher lows. The major signal will now be a test of the highs and maybe the earnings call will be the catalyst.

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FXStreet Team

FXStreet

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