Keep an eye on NIO.
One, there’s still big demand for electric vehicles all over the world, especially with global leaders pushing to get millions of them on the roads.
Two, Citigroup analyst Jeff Chung believes the NIO stock could run to $87 a share after selling 53.3 million ADRs. Three, NIO Day is being held in mid-December, where the company could unveil new EV models. Three, we believe November delivery numbers should be far more impressive than what we saw in October. In addition, NIO is expected to roll out three new models, including the ET7 in 2022.
Technically, if NIO can break above double top resistance around $44.27, it could potentially test $47.50 resistance, and perhaps even $57.50 again.