NIO Jumps 53% in 7 Days – What the Charts Show Next
$NIO Inc.(NIO.SI)$ strong rally in August was driven by the launch of its new third-generation ES8 SUV, supported by aggressive pricing under its Battery-as-a-Service (BaaS) model. Investor sentiment was also boosted by analyst upgrades and optimism over stronger demand for both the ES8 and the Onvo L90 SUV. (Source: https://www.barrons.com/articles/nio-stock-price-tesla-ev-a7ddf198?) Chart Perspective: From a longer-term view, NIO is still in a broader downtrend. However, price action in recent months is showing signs of a potential trend change, with higher lows (HL) and higher highs (HH) beginning to form. Support levels: Recent low around 5.94. More immediate support seen near 6.36, where a bullish candle suggests buyers are stepping in