- NIO shares remain in an uptrend after a bounce off the USD 13.00 support level.
- The company provided their latest delivery update.
Nio news today
NIO delivered 3,533 vehicles in July 2020, increasing by 322.1% year-over-year. The yearly total now stands at 17,702 vehicles which is a 111.3% increase year-over-year. Cumulative deliveries of ES8 and ES6 reached 49,615 respectively. William Bin Li, founder, chairman, and chief executive officer of NIO stated:
In July, we are pleased to have achieved the second-highest monthly delivery results despite the impact on productions due to a 5-day suspension of manufacturing to prepare for EC6 productions and other flood-related supply chain challenges
Nio 1-hour chart
As you can see from the chart below the main feature of the chart is the triangle formation marked in black. The red support line marks where the price bounced during Tuesday’s session to move higher. Now the main level for the price to break is the high on the chart of USD 16.44 per share. The previous wave high could also be a good place for the bulls to enter and it is currently at USD 14.52 per share.
The indicators are looking positive as the Relative Strength Index is above the 50 area and approaching the overbought level. This could mean there is still some room for the price to move to the upside. Elsewhere, the MACD histogram is still green and the signal lines also remain above the zero level. This is another positive sign as it is used for a trend signal.
Lastly, the volume is still looking slightly light. This could be because of August market conditions or the fact that the bulls are awaiting more news from the company. Either way, the stock price is in a firm uptrend and this would be confirmed if the high on chart breaks.
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