Nio stock price looks set for a major move after the company reported a 95.3% year-on-year increase in deliveries of its electric vehicles in May. The company delivered 6711 cars, with a cumulative total of 109,514 vehicles as of 31 May 2021.
Furthermore, the company projects that it will hasten deliveries in June to compensate for any delays recorded in May, which would bring the total number of deliveries for the 2nd quarter of 2021 to between 21,000 and 22,000 vehicles.
The Nio stock price remains largely unchanged in premarket trading.
Technical Outlook for Nio Stock Price
Nio stock price is presently challenging the resistance formed by the 24 March and 14 April highs at 39.33. A break above this level allows Nio stock price a straight move towards 41.31, which is where the highs of 29 April and 3 May are found. Above this level, additional resistance is seen at 43.14 and 46.07.
On the other hand, a decline from 39.33 due to rejection at that resistance, allows the price to target the 35.91 support. If the decline continues, the neckline of the previous inverse head and shoulders pattern at 34.64 comes into view. The trough formed by the shoulders of the completed pattern form additional support at 32.50