Nio Stock Picks Up Momentum Amid Shanghai Auto Show: Key Catalysts To Watch

Nio Stock Picks Up Momentum Amid Shanghai Auto Show: Key Catalysts To Watch

Oops!Something went wrong.Please try again later.Shanthi RexalineApril 22, 2021, 12:24 PMOops!Something went wrong.Please try again later.Since completing a triple-bottom formation around $35 on April 15, NIO Inc. (NYSE: NIO) shares have been recovering. The stock received some support from positive headlines this week out of the Shanghai auto show.Nio On The Cusp Of A Breakout? Completion of a triple bottom pattern, technically, is bullish for a security, signaling that a possible reversal is in the offing.The stock rebounding off the same level for the third time suggests it has a strong support and bears are giving up.After hitting a high of $66.99 Jan 11 on the momentum imparted by the announcements at the Nio Day event, the shares consolidated the gains until early February.The market-wide tech sell-off in February proved a dampener for Nio, as the stock tumbled from a high of $64.60 on Feb. 10 to a low of $31.91 on March 5, a peak-trough decline of a little over 50%.Subsequently, the stock has bounced off the bottom around $35 three times, completing the triple bottom.niotech.pngIf Nio shares sustain the uptrend, immediate resistance lies around $41. Outside of this level, the stock may also find resistance around the