Nio, Inc. (NIO) may have finally bottomed out.
After dropping from about $41 to less than $28, the EV stock appears to have caught strong support and is just starting to pivot higher. Plus, RSI, MACD, and Williams’ %R are starting to turn higher as well. From a current price of $32.42, we’d like to see NIO test its prior high round. $41 again, near-term.
Helping, the company wants to expand around the world. In fact, it already said it wants to enter Germany, the Netherlands, Denmark, and Sweden in the new year. It also looks like the company wants to expand into the U.S.
According to a report onNio TheStreet.com, “InsideEVs, a trade publication on electric vehicles, first reported that Nio is looking to fill close to 50 positions in the U.S. ranging from software engineers and developers to strategy heads (across verticals), human resource executives, and financial analysts.”
If that’s the case, we could be looking at the next Tesla here.