After a period of downtrending prices, the Nio share price has started Tuesday’s trading session on a positive note, after the unveiling of its ET5 Sedan EV.
The Nio ET5 is touted as the new brand capable of breaking Tesla’s hold on the Chinese market and selected global markets. Armed with a sporty design and a full range of smart technologies, the car offers 360kW of electric power, fed through an induction and magnetic motors at the front and rear, respectively.
The ET5’s starting cost is $51,000 for a 75-kWh batter pack, with the first deliveries expected in 2022. The company has also said it would start confirming orders for its ET7 in January 2022, with delivery set for March 28, 2022. The Nio share price is up 5.29% as of writing.
Nio Share Price Outlook
The uptick has violated the 29.25 resistance. A close above the 29.25 price mark retains the bias of that level as a support. The 30.68 price mark would become the next target if bullish momentum continues. Above this level, 32.50 and 35.04 are additional price levels to the north.
On the other hand, a breakdown of the 29.25 price mark as a result of lack of bullish momentum allows the bears to aim for the 25.45 price mark. Additional support targets are found at 23.83 and 22.26.