NIO Stock News – Shares close the week lower as markets tumble
NYSE:NIO fell by 0.95% on Friday, amidst a broader market selloff on the June quad-witching day.
A couple of Nio’s domestic rivals are beefing up their technology offerings.
Nio’s trend is still bullish, but volatility should still be expected.
NYSE:NIO cooled off to close the week out as the quarterly quad-witching day wreaked havoc on growth stocks and the broader markets in general. Shares of NIO dropped by 0.95% on Friday, after gaining for most of the session, and closed the week out at $46.91. Nio has been on a tear over the past month, but the stock was unable to escape the market sell off on Friday, even as some EV stocks like Tesla ((NASDAQ:(TSLA))) managed to stay in the green.
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Nio’s rivals have been stepping up their game lately, with Warren Buffett backed BYD (OTC:BYDDY) recently unveiling its new blade battery technology. This battery is made of lithium iron phosphate, and is smaller than its previous generation. The blade battery will be featured in BYD’s new flagship Han vehicle, and is rumored to be used by Mercedes Benz as well.
XPeng ((NYSE:XPEV)) revealed a surprising new patent that could see the company hit the skies in the future. The patent is for allowing smaller flying vehicles to return to a moving car on the roads, which sounds similar to something out of a Hollywood action movie. These flying aircrafts are expected to be used for personal travel, aerial sightseeing, and even emergency rescues.
NIO stock forecast
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Despite its losses on Friday, Nio is still positioned in a bullish uptrend, and the next price target seems to be just under the $50.00 range. If the stock can break through that area of resistance, there is a good chance we’ll be able to see it retrace towards its all-time high price of $66.99.