Bulls May Struggle to Send the Nio Share Price Towards $35

The Nio share price is mildly lower this Tuesday, as the US markets experience a measure of decline on the day. This decline comes despite the company’s new deal with Talon to supply nickel for its EV battery manufacturing and storage facilities.

The news that the company is establishing its US headquarters in California has not excited investors this Tuesday. Nio is down 7.5% in 2022, and this trend looks set to continue if there is an absence of news that could stir positive interest in the stock.

A look at the price action shows that the attempt at completing the triple bottom pattern appears to be fizzling out, given Friday’s price decline. Price action continues to falter, as the Nio share price is trading 1.32% lower as of writing.

Nio Share Price Outlook

The slight intraday decline keeps the Nio share price within the 32.50 resistance and 29.25 support range. A break of the 32.50 barrier allows the bulls to aim for the 35.04 resistance target, with 36.75 and 39.36 serving as additional price targets to the north.

On the flip side, a decline below the 29.25 support is required for the bears to set their sights on 28.04. 25.45 and 23.83 are additional targets to the south that become available if a further price decline takes out the 28.04 support level. 

Nio: Daily Chart

Follow Eno on Twitter.