Tesla’s Flying. Don’t Forget About Nio
Tesla has been on fire since bouncing at its 200-day simple moving average (SMA) four weeks ago. It’s had a series of upgrades, including Credit Suisse today. The surge is pretty amazing when you consider it’s happened despite a collapse of gasoline prices. This shows that the electric-car story is very much intact.But TSLA’s not the only show in town. Its smaller Chinese peer,
Nio, has also been parked at its 200-day SMA and is just now showing signs of acceleration.The weekly chart just had three consecutive inside candles, which have revolved to the upside. This is important because NIO is extremely volatile. It had a huge surge in late 2019, followed by a big drop. That trio of inside candles suggests it’s calmed down and may be ready to start trending again. Today it’s breaking the highest of those three candles around $3.07.
Fundamentally, NIO has had issues with coronavirus impacting demand and production. But more recently (April 7) the company reported a doubling of March deliveries.
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