After falling from about $64 to $39.66, Nio (NIO) found double bottom support and is just beginning to pivot higher. RSI, MACD, and Williams’ %R are also deep in oversold territory. From here, we’d like to see the NIO stock retest its 50-day moving average around $49.
Helping, Nio deliveries are still strong, despite the semiconductor shortage.
“NIO delivered 7,257 vehicles in March 2021, a new monthly record representing a strong 373% year-over-year growth. The deliveries consisted of 1,529 ES8s, the Company’s 6-seater and 7-seater flagship premium smart electric SUV, 3,152 ES6s, the Company’s 5-seater high-performance premium smart electric SUV, and 2,576 EC6s, the Company’s 5-seater premium smart electric coupe SUV. NIO delivered 20,060 vehicles in the first quarter of 2021, a new quarterly record representing an increase of 423%,” according to a company press release.
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