The Hourly View for NIO
Currently, NIO (Get Ratings)’s price is down $-0.71 (-1.79%) from the hour prior. The hourly chart shows that NIO has seen 3 straight down hours. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 100 hour timeframe. Regarding moving averages, it should first be noted that price has crossed the 200 hour moving average, resulting in them so that price is now turning below it. The moving averages on the hourly timeframe suggest a choppiness in price, as the 20, 50, 100 and 200 are all in a mixed alignment — meaning the trend across timeframes is inconsistent, indicating a potential opportunity for rangebound traders.
NIO’s Technical Outlook on the Daily Chart
Currently, NIO’s price is down $-1.28 (-3.2%) from the day prior. This is a reversal of the price action on the previous day, in which price moved up. As for the trend on the daily timeframe, we see the clearest trend on the 100 day timeframe. Of note is that the 20 day changed directions on NIO; it is now pointing down. The moving averages on the daily timeframe suggest a choppiness in price, as the 20, 50, 100 and 200 are all in a mixed alignment — meaning the trend across timeframes is inconsistent, indicating a potential opportunity for rangebound traders. The chart below shows NIO’s price action over the past 90 days.
For NIO News Traders
News traders keeping an eye on NIO may find value in this recent story:
Nio Inc. (NYSE: NIO ), Xpeng Inc. (NYSE: XPEV ) and Li Auto Inc. (NASDAQ: LI ) all recently reported first-quarter sales, and all three companies reported growth in sales and deliveries. Here’s a technical look at Nio, XPeng and Li Auto stock. Nio Daily Chart Analysis: The daily chart above shows Nio stock is trading in a channel and may potentially be forming a head-and-shoulders pattern. The stock is trading in a channel (red) between $30 and $60. These are levels the price has struggled to cross in the past. The chart also looks to be forming what technical traders call a head-and-shoulders pattern. This … Full story available on Benzinga.com
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The post NIO Inc (NIO): Price Now Near $38.67; Daily Chart Shows Downtrend on 50 Day Basis appeared first on ETF Daily News.
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