Nio Stock Price Up More Than 5.6% After June Car Deliveries Grow 116% Year-on-Year

Nio stock price action continues to trade in the green territory after the company reported that its vehicle deliveries for June rose 116% above the same period in the previous year. 

Nio delivered 8,083 vehicles in June and a total of 21,896 for the second quarter of 2021. The Q2 2021 number represents an increase of 111.9% compared with the 2nd quarter of 2020. A breakdown of the vehicle deliveries for June 2021 showed an overwhelming preference for the ES6 among consumers, with the company delivering 3,755 units. 

Nio stock price has been on an upward trajectory ever since Citibank’s analysts raised their price targets for Nio’s stock from $58.30 to $72, thus maintaining the buy rating they had for the stock. Thursday’s trading has been bullish, with a 5.68% gain seen in the Nio stock price as of writing.

Technical Levels to Watch

On Wednesday, 30 June, the daily candle breached the 52.04 resistance level and closed a little short of the 54.40 resistance. However, this move only comes to fruition if the break of 52.04 is cemented. With the premarket price of Nio trading at 54.83, further resistance targets to the north appear at 56.13, 60.50 (26/29 January highs), and 64.69.

On the flip side, the support at 52.04 remains a downside target for sellers aiming to close the bullish gap. Below this level, downside targets are found at 48.35, 46.07 and 43.14, with the latter two coming into the picture only if the ascending trendline support is broken.

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Nio: Daily Chart

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