NIO Stock Up 5.5% On Record Q3 Delivery Numbers: Can The Earnings Boost Help Break Resistance At $8.13?
Portfolio Pulse from Surbhi Jain
NIO Inc's stock (NYSE:NIO) rose 5.5% on Dec. 5 due to record Q3 EV deliveries, up 75.4% Y/Y and 142.3% Q/Q, and the acquisition of manufacturing equipment from Anhui Jianghuai Automobile Group. Despite a year-long decline, the stock showed signs of breaking resistance at $8.13. Positive volume balance and RSI divergence suggest potential upward movement, but moving averages indicate a continued decline. NIO was trading at $7.60 at the time of publication.
December 05, 2023 | 5:12 pm
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NIO Inc's stock surged 5.5% due to impressive Q3 delivery numbers and an acquisition, potentially signaling a trend reversal if it breaks the $8.13 resistance level.
The significant increase in Q3 deliveries and the strategic acquisition are strong positive catalysts that could lead to a short-term uptrend in NIO's stock price. However, the presence of a key resistance level at $8.13 and mixed technical indicators such as the Death Cross and RSI divergence suggest that while there is potential for an upward move, caution is warranted due to the overall downward trend.
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