Electric vehicle stocks, like Nio Inc. (NIO) could head higher, near-term.
After pulling back from about $24 to $18.66, the stock is starting to pivot higher. Not only did it just catch support at its 50-day moving average, but RSI, MACD, and Williams’ %R are starting to push higher, as well. From a current price of $19.73, we’d like to see the NIO stock again test $24 a share. If it can break above $24.17 resistance, the stock could race back to $30.
Helping, China will extend an exemption for electric vehicles, as part of a plan to boost domestic demand. Two, the company continues to increase delivery numbers. In June, for example, the company delivered 12,961 vehicles – 60.3% growth year over year. Also, in the second quarter, total deliveries were up 14.4% to 25,059.
Again, from a current price of $19.73, we’d like to see it again test $24, near-term.