Nio stock is trading higher after announcing a program to bring attention to its car-recharging products and services dubbed the “NIO Power Day”. This event is scheduled to hold in July.
There are reports that NIO is rapidly expanding its battery-swap stations and also developing a new set of mobile car chargers to enable owners of NIO vehicles to avoid getting stranded at critical points. The company had earlier announced it would enter five additional markets in Europe after a successful take-off in Norway, the leading EV market.
Nio stock price is up 9.30% as of writing, and the Nio price prediction puts the stock in good stead to aim for the $52 resistance if the current resistance is taken out.
Technical Outlook for Nio
The Nio price prediction for a bullish break of the 48.35 resistance appears to be on course with the intraday violation of this price mark by the active daily candle. If this price level is taken out, the 24 February high at 52.04 becomes the next target. Above this level, 54.40 (13 November 2020 and 7 January high) and 56.13 (neckline of triple top of 11/25 January and 10 February) become the additional targets to the north.
On the flip side, a breakdown of the ascending trendline support is needed to allow the bears to target the 43.14 support level (27 April high). Below this level, additional support levels are seen at 41.31 and 39.33, along with 35.91 and 34.64.