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NIO Inc. (NYSE:NIO) shares are trading higher Wednesday as shares of EV stocks climb after several companies reported electric vehicle delivery figures this week.
The Details:
Nio shares are moving higher Wednesday on heavy volume amid strength in Chinese markets and a rally in the broader EV market after several companies reported strong EV delivery figures. According to data from Benzinga Pro, more than 64.6 million shares have been traded in the holiday-shortened session, compared to the stock’s 100-day average of 51.199 million shares.
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Nio announced on Monday that it delivered 21,209 electric vehicles in June 2024, representing an increase of 98.1% year-over-year, and 57,373 EVs in the second quarter of 2024, representing an increase of 143.9% year-over-year.
The company also reported cumulative deliveries of Nio vehicles reached 537,020 as of June 30, 2024.
Equity research analysts on and off Wall Street typically use earnings growth and fundamental research as a form of valuation and forecasting. But many in trading turn to technical analysis as a way to form predictive models for share price trajectory.
Some investors look to trends to help forecast where they believe a stock could trade at a certain point in the future. Looking at Nio, an investor could make an assessment about a stock's long term prospects using a moving average and trend line. If they believe a stock will remain above the moving average, which many believe is a bullish signal, they can extrapolate that trend into the future using a trend line. For Nio, the 200-day moving average sits at $6.34, according to Benzinga Pro, which is above the current price of $4.95. For more on charts and trend lines, see a description here.
Traders believe that when a stock is above its moving average, it is a generally bullish signal, and when it crosses below, it is a more negative signal. Investors could use trend lines to make an educated guess about where a stock could trade at a later date if conditions remain stable.
NIO Price Action: According to Benzinga Pro, Nio shares are up 8.72% at $4.92 at the time of publication Wednesday.
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Posted In: NIO
