Mr. Pratik chadhokar is an Indian Forex, Cryptocurrencies and Financial Market Advisor and analyst with a background in IT and Financial market Strategist. He specialises in market strategies and technical analysis and has spent over a year as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the Financial markets.
NIO stock price defended $7.00 support and showed a minor bounce of approximately 14% from the recent low. Buyers are trying to push the price above the 50-day EMA to prove their presence in the demand zone.
Nio Inc – ADR stock price is in a downtrend and eroded the complete gains generated in 2023. It disappointed the expectations of its long-term investors. So fresh buyers look reluctant to build long current levels.
In the last two months, Nio stock price spent time in the range between $7.00 to $9.54.
Buyers and sellers both tried to break either side of the range. However, the attempt failed because both were active in the boundaries and kept the price stuck in the range.
Recently, the Federal Reserve kept the interest rates steady and unchanged. Due to this, the Nio shares and the broader stock market indices were positively impacted.
The recent upmove in the NIO shares lacks strength but the price is highly oversold. So, the pullback rally may continue in the coming week. NIO Inc. ADR stock price closed the previous trading session at $8.23 with an intraday rise of 5.65%.
Will NIO Stock Price Bounce Back in November 2023?
NIO stock price is recovering and the buying volume is also on the rise. It seems that the correction in the stock has taken a halt and the time for an upward reversal is near.
Till the Nio Inc – ADR shares are sustaining above $7, the buyers will remain active and try to absorb the sell-off. The possibility of a $10.00 breakout will increase when the price can climb above the 50-day EMA and sustain.
However, if the NIO shares face rejection from the EMA, then consolidation in the existing range is likely to continue. The analysis suggests that the NIO stock might show a bounce back in November and try to reach $10.00.
Will Nio Inc – ADR Stock Price Hold the Higher Levels?
Nio Inc. – ADR stock price is bearish on a daily, weekly, and monthly chart. Until the stock price trades above $10.00, buyers will hesitate to go long.
At present, the stock is recovering but the question is whether the price can hold the higher levels or not.
The MACD curve is pointing upward and the histogram bars turning green indicate mild bullishness. However, the RSI at 50 denotes a neutral territory and an equal level of tug-of-war between buyers and sellers.
Conclusion
NIO stock price defended the $7.00 level and showed a minor bounce. It is stuck in a narrow range consolidation and buyers seem to be trying their best to expand the range upward.
The analysis suggests that Nio Inc. – ADR stock price may continue the recovery and test $10 by the end of this year.
Technical Levels
- Resistance Levels: $9.54 and $11.30
- Support Levels: $7.18 and $6.00
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Source: https://www.thecoinrepublic.com/2023/11/06/nio-stock-analysis-will-nio-inc-adr-reach-10-by-2023-end/