Nio Inc. (NYSE:NIO) is trading higher Friday after CLSA analyst Soobin Park initiated coverage of the Chinese electric vehicle manufacturer with a Buy rating and $50 price target.
Nio stock was up 2.32% at $42.04 at last check.
Nio Daily Chart Analysis Nio stock looks like it was able to bounce at support and is moving back up toward resistance. The stock is trading below the 50-day moving average (green) and above the 200-day moving average (blue), indicating the stock is most likely facing a period of consolidation. The 50-day moving average may hold as a place of resistance on the chart, and the 200-day moving average is a potential area of support. Key Nio Levels To Watch What’s Next For Nio?
Bullish technical traders would like to see the stock build up higher lows to the $56 level. A break above this line and the $64 level with some consolidation may let the stock make a further push.
Bearish technical traders would like to see the stock fall below the $32 level. If the stock is able to break below the support level and consolidate, it could see a further downward push.