NIO Stock Price Analysis: The Moment Of Truth Is Here

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Written By: Abdullah Sarwar

Nov 21, 2023, 19:38 GMT 19:38

Summary:

NIO stock price analysis: NYSE: NIO is hanging by a thread. Bulls need to hold the $7.33 support to avoid bearish continuation.

NIO stock price reversed its Monday gains on Tuesday. At the time of writing, the stock of the Chinese EV maker was down 4.1% for the day as the FOMC minutes revealed the Fed’s commitment to keep the rates high.

The Nasdaq 100 index and the S&P 500 index slid 107 and 10 points, respectively, as the dollar strength index showed a dead cat bounce. Side by side, NIO shares also plummeted to their fresh weekly lows as the EV stocks experienced strong selling pressure.

In one of the latest developments, NIO and Changan Automobile have entered into a collaboration for battery swapping in Chongqing, China. Both EV firms will establish standards for interchangeable batteries through this partnership.

NIO stock price forecast of $2.5 could be on the cards if the stock gains acceptance below its current range lows of $7.30. Therefore, bulls need to hold this support level to avoid a bearish continuation.

NIO Chart

This post was last modified on Nov 21, 2023, 19:38 GMT 19:38

Written By: Abdullah Sarwar

Abdullah Sarwar is a blockchain analyst and a cryptocurrency investor with more than 5 years of experience. He specializes in providing crypto price projections based on their fundamentals and price charts. He is also a successful day trader. He graduated in 2015 with a degree in electronic engineering. In his free time, he loves listening to electronic music and playing with trading bots.