📖Nio stock skyrocketed 1,100% in 2020. NIO reported a 352% increase in January 2021 deliveries compared to the prior-year period. But that still only totaled 7,225 electric cars For the full year 2020, NIO delivered almost 44,000 vehicles, representing 113% growth over 2019.Nio stock may have been adversely affected by the announcement that Tesla said it would cut prices on the standard range variants of its Model 3 and Model Y mass-market model. Recently, when talking about the next EV leader in China, Cathie Wood said that Nio would “win the day” with its battery swap technology. Ark, however, does not hold in Nio in any of its ETF’s. Baillie Gifford, on the other hand, has Nio as its fifth largest position in its high-growth Scottish Mortgage Investment Trust - Tesla now sits at fourth position.
NIO
Nio will report earnings on March 1st and Nio’s Global CIO and US Managing Director, Ganesh Iyer, will be presenting at the virtual MOVE America conference on March 17th.
📈Nio has been range bound for about 6 weeks now. It is currently trading 18% down from its all time highs. However, Nio is currently sitting at an area of bullish confluence. Firstly, Nio has been trading in a bullish price channel since October. On Thursday, price bounced off the support line of the channel, with a hammer candlestick - a traditional reversal candlestick. Secondly, this support line has coincided with the 50 day MA, in which has also respected and bounced off over the last two trading sessions. Looking at the charts, the price of Nio has historically respected the 50 day MA. Thirdly, price has also completed a 0.5 Fib retracement, which is considered a strong pull back zone before continuing the overall trend. Despite this, price is currently sitting under some resistance, that has turned into support. Traders should look for a full candle close above this level before entering a long position. It is worth also noting that US equity markets took a breather last week, and if market weakness prevails, this could invalidate this trade idea.
🔎This is not financial advice. Always do your own research and due diligence. Always wait for directional confirmation before entering a trade.
NIO
Nio will report earnings on March 1st and Nio’s Global CIO and US Managing Director, Ganesh Iyer, will be presenting at the virtual MOVE America conference on March 17th. 📈Nio has been range bound for about 6 weeks now. It is currently trading 18% down from its all time highs. However, Nio is currently sitting at an area of bullish confluence. Firstly, Nio has been trading in a bullish price channel since October. On Thursday, price bounced off the support line of the channel, with a hammer candlestick - a traditional reversal candlestick. Secondly, this support line has coincided with the 50 day MA, in which has also respected and bounced off over the last two trading sessions. Looking at the charts, the price of Nio has historically respected the 50 day MA. Thirdly, price has also completed a 0.5 Fib retracement, which is considered a strong pull back zone before continuing the overall trend. Despite this, price is currently sitting under some resistance, that has turned into support. Traders should look for a full candle close above this level before entering a long position. It is worth also noting that US equity markets took a breather last week, and if market weakness prevails, this could invalidate this trade idea.
🔎This is not financial advice. Always do your own research and due diligence. Always wait for directional confirmation before entering a trade.