Nio Inc. (NYSE:NIO) shares were trading lower Tuesday, possibly in anticipation of earnings that are to be reported after the market closes Wednesday.
Analysts are predicting that Nio reports a loss of 11 cents per share. Analysts are predicting revenue of $1.28 billion.
Nio was down 1.28% at $44.60 at last check.
Nio Daily Chart Analysis
- Shares look to be trading in what technical traders call a pennant pattern. The stock could see a breakout in the coming weeks.
- The stock is trading above the 50-day moving average (green), but below the 200-day moving average (blue), indicating the stock is likely consolidating.
- The 50-day moving average may hold as a place of support, while the 200-day moving average may act as a place of resistance.
- The price is being condensed between narrowing highs and lows, and potentially could see a breakout if price crosses one of these levels with above average volume.
- The Relative Strength Index (RSI) has been moving sideways the past few days and now sits at 50. This means there are equal amounts of buyers and sellers in the stock.
What’s Next For Nio?
Bullish traders are looking to see the stock continue to trade within the pennant pattern for a time before breaking out above pattern resistance and potentially moving higher.
Bears would like to see the stock drop and fall below pattern support. If the stock can consolidate below pattern support it could see a strong bearish push.
See also: How to Buy Nio Stock
