NIO stock: This must succeed!

In June, the NIO share has gained a good 11% so far. However, it has been struggling in the EUR 35-40 range for a few days. The reason for this is a technical resistance. For the upward movement to continue, the share must clear this important hurdle.

Chart

Nevertheless, since the low for the year (EUR 25.1) in mid-May, there has fortunately been a clear upward trend again. Since then, the share price has risen by a strong 52%. At the beginning of June, the share price broke above the important 200-day line (GD200).

However, this should not obscure the fact that the NIO share still has some catching up to do in 2021. This is made clear not least by the negative annual performance so far (-9%). At the beginning of January, things still looked promising. After a steep upward movement at the beginning of the year, the share reached a new all-time high of EUR 55 in the further course.

At the beginning of February, it looked as if this record could be broken. But once again, the share lost momentum in the area around EUR 53. We have already observed this several times this year with the NIO share. Consequently, a chart resistance seems to have formed in this zone.

Analyst opinion on the NIO share

As a contrast to this year’s chart performance is the current analyst rating. Thus, the share receives 9 ‘Buy’, 7 ‘Outperform’ and 6 ‘Hold’ ratings.

The lowest price target is given at around CNY 274 (EUR 35.48). The counterpart is the highest price target with approximately 589 CNY (76.26 EUR). Meanwhile, the average price target is around 384 CNY (49.72 EUR). The analyst consensus is thus about a quarter above the current price level. Meanwhile, the company currently has a market capitalization of CNY 486 billion (EUR 63 billion).