- Nio Stock Price (NYSE: NIO) surges 15% in the previous week.
- The NIO Stock Price sustains above the 50 day EMA and is trying to achieve the 200 day EMA.
- The NIO Inc Stock met the EPS estimates but missed the Revenue estimates.
Nio Stock Price (NYSE: NIO) surges 15% in the previous week and attempted to break out of the $10.00 hurdle. Well, the confirmation of the breakout is still awaited. Nio Stock Price recovered 44% approx from the recent swing low and showed signs of trend reversal.
Nio Stock managed to climb above the 50 day EMA indicating the short term trend is reversed in the favor of bulls. The 200 day EMA is placed slightly higher which is likely to act as an immediate hurdle for the bulls.
Nio Inc released the previous quarter earnings on June 9, 2023. It reported an EPS of -$0.365 which is 10% higher than the analyst estimates. Well, it missed the revenue estimates which disappointed the investors.
However, The NIO Stock Price reacted positively after earnings and rallied 20% in the short span of time. Meanwhile, it faced minor rejection from $10.00 and prices retrace to the 50 day EMA.
The prices bounced back sharply and recovered the losses in a few days shows the presence of buyers at lower levels. Nio Stock Price closed the previous session at $10.22 with an intraday rise of 1.89%. The market capitalization stands at $17.25 Billion.
Will Nio Stock Price be able to hold $10.00?
Nio Stock Price traded in the wide range between $7.00 to $10.00 with a mild bearish bias. Recently, the buyers are showing signs of the upward range expansion which has created a hope for a rally.
Till the Nio Stock Price is sustaining above $8.00 the short term trend will remain bullish. The chart structure is turning bullish which indicates that the prices are likely to hold the $10.00 level. If buyers succeed to hold $10.00 then price might begin the journey to reach $14.00.
On the other hand, If the NIO Stock faces rejection from $10.00 then bears may try to pull it back to the 50 day EMA. The technical analysis suggests, Nio Stock Price near to crucial resistance and probability of breakout is high.
NIO Stock Price Analysis on weekly time frame
NIO Stock Price formed a strong bullish candle in the previous week and buyers are trying to give the follow up momentum. The broader market index like Dow Jones and Nasdaq Composite is in the recovery mode which may positively impact the price of Nio Stock.
The MACD curve is sloping upward and positively intersected with the moving average. It indicates bulls are active and returning back to the track. The RSI curve at 67 denotes strength as well as the confidence of investors.
Conclusion
Nio Stock Price (NYSE: NIO) surges 15% in the previous week and created a hope for the upward range expansion. The NIO Stock is in short term uptrend and prices are likely to sustain the higher levels.
The technical analysis suggests, If buyers succeed to hold $10.00 then price might begin the journey to reach $14.00.
Technical levels
Resistance levels: $10.85 and $14.00
Support levels: $8.00 and $7.00
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
