On Monday, Nio kicked off trading for the week with a 1.75% loss, closing the day at $33.66. This follows the abysmal performance it experienced the week before, after the delisting of EV car company DIDI from the New York Stock Exchange (NYSE) sent jitters among EV stocks. General market weakness and jitters from China could prompt a lower open for the Nio share price on Tuesday.
The bearish factor pressurizing Chinese stocks comes from Evergrande’s potential default, which continues to resonate within the Chinese economy, scaring off investors. The Nio share price currently trades at 32.73 in premarket trading, which makes a case for a lower open this Tuesday unless investors shrug off the latest events in China.
Nick Cramer of the “Mad Money” fame said on his program on CNBC that he would “get out and get out soon”, in a take he provided on Nio stock in response to a viewer’s questions.
Nio Share Price Outlook
Following last week’s dip and slight recovery, the Nio share price is currently range-bound and bordered by 34.64 above and 32.50 below. A break above 34.64 opens the door towards 36.75 and 37.99, with 39.36 also lining up as a potential target to the north.
On the flip side, the slide in the stock would continue if the bears took out the support at 32.50. This would make 30.68 the immediate target, followed by the 15 October 2020 high at 29.25.
Nio: Daily Chart
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