Nio could profit from the continuing surge in demand for electric vehicles in China. On top of that analysts are seeing a surge in demand for electric passenger vehicles in Europe where Nio is set to introduce new models next year.
What does the GoNoGo Chart say? GoNoGo Trend is a “Go” albeit painting weaker aqua bars as price has consolidated sideways after hitting resistance. GoNoGo Oscillator has fallen steadily during the consolidation on heavy volume, even briefly dipping into negative territory. Currently riding the zero line we see the climbing grid of the GoNoGo Squeeze rising to its extreme signaling the reduced volatility of the sideways move. We will look to see if the oscillator can break out of the squeeze into positive territory indicating a return of momentum in the direction of the “Go” trend. This would allow price to mount an attack on prior highs.
