NIO Stock News and Forecast: Why is NIO rising again?
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CLAIM OFFER- NIO stock pops another 5% on Wednesday as Chinese tech recovers.
- NIO aiming for five consecutive days of gains.
- NIO shares are still well down from 2021 highs above $60.
NIO shares are still on the recovery trail, having caught some noted analyst upgrades, but the stock remains well below last year's levels. The shares closed out Wednesday at $26.10 for a gain of 5.71%. Currently, NIO stock is down just over 1% in early premarket trading. Risk-taking will likely be limited until after Thursday's CPI report.
NIO Stock News
Recent delivery data from the Chinese EV space was positive. While most EV makers showed a fall in deliveries in January, this was due to the lunar new year effect in China. YoY delivery growth remained strong. NIO posted January deliveries nearly 34% higher than a year earlier. This led to Barclays upgrading the stock and slapping a $34 price target on NIO.
"We believe that the rapid adoption of EVs around the world and booming EV sales have presented China’s EV makers a rare opportunity to not only take a sizable market share of the domestic auto market – the largest in the world with about 25-30% global share by units sold per annum – but also build a dominant position on the world stage," Barclays wrote.
Yesterday also saw rival Chinese EV maker XPeng get a boost as its shares were included in the stock connect program – the Hong Kong-Shenzhen Stock connect program. XPeng saw about $100 million of inflows, according to CnEVpost. XPEV shares in New York closed just under 10% higher on Wednesday.
NIO Stock Forecast
NIO stock is now very close to filling the gap up to resistance at $27.34. This will not end the bearish trend and just brings NIO back into a neutral zone. This neutral zone is from $27.34 to $33.80. Only breaking $33.80 ends the downtrend as that is the last significant high. The bullish divergence in the Relative Strength Index (RSI) has worked, and now the RSI has broken out to the upside. The Moving Average Convergence Divergence (MACD) is looking to confirm this.
NIO chart, daily
- NIO stock pops another 5% on Wednesday as Chinese tech recovers.
- NIO aiming for five consecutive days of gains.
- NIO shares are still well down from 2021 highs above $60.
NIO shares are still on the recovery trail, having caught some noted analyst upgrades, but the stock remains well below last year's levels. The shares closed out Wednesday at $26.10 for a gain of 5.71%. Currently, NIO stock is down just over 1% in early premarket trading. Risk-taking will likely be limited until after Thursday's CPI report.
NIO Stock News
Recent delivery data from the Chinese EV space was positive. While most EV makers showed a fall in deliveries in January, this was due to the lunar new year effect in China. YoY delivery growth remained strong. NIO posted January deliveries nearly 34% higher than a year earlier. This led to Barclays upgrading the stock and slapping a $34 price target on NIO.
"We believe that the rapid adoption of EVs around the world and booming EV sales have presented China’s EV makers a rare opportunity to not only take a sizable market share of the domestic auto market – the largest in the world with about 25-30% global share by units sold per annum – but also build a dominant position on the world stage," Barclays wrote.
Yesterday also saw rival Chinese EV maker XPeng get a boost as its shares were included in the stock connect program – the Hong Kong-Shenzhen Stock connect program. XPeng saw about $100 million of inflows, according to CnEVpost. XPEV shares in New York closed just under 10% higher on Wednesday.
NIO Stock Forecast
NIO stock is now very close to filling the gap up to resistance at $27.34. This will not end the bearish trend and just brings NIO back into a neutral zone. This neutral zone is from $27.34 to $33.80. Only breaking $33.80 ends the downtrend as that is the last significant high. The bullish divergence in the Relative Strength Index (RSI) has worked, and now the RSI has broken out to the upside. The Moving Average Convergence Divergence (MACD) is looking to confirm this.
NIO chart, daily
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