Nio Share Price Skyrockets On News of Planned New EV Models

The Nio share price has skyrocketed this Tuesday after it emerged that the company is planning to unveil new models of its electric vehicle range. Investor interest is also soaring as the company reveals plans for its Nio Day 2021, scheduled to hold on 18 December. 

According to reports monitored from StreetInsider, Nio plans to unveil a new EV model known as ET5, along with other models, which will serve as new mass-market products. The Nio Day for 2021 will hold on 18 December in Suzhou and may feature the launch of the latest models if the precedent of 2020 is to be observed. The ET7 was launched at the 2020 edition.

The Nio share price gained 5.04% on Monday and is set for a higher open on Tuesday as it is currently trading at nearly a dollar higher than Monday’s closing price.

Nio Share Price Outlook

The Nio share price has violated the resistance at 39.33. A higher open sends the price closer to the 41.31 resistance barrier. If the advance continues, 43.14 becomes an additional upside target. This outlook would fulfil the expectation from the breakout of the daily chart’s falling wedge.

On the flip side, any profit-taking that negates the breakout attempt at 39.61 could allow for a pullback towards 35.91. 34.64 and 32.50 are additional targets to the south, which become available if the corrective decline continues.

Nio: Daily Chart

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