NIO Stock Pops After NIO Day 2023, ET9 Launch

Nio (NYSE: NIO) shares rose after the Chinese electric vehicle (EV) maker unveiled its ET9 car at its Nio Day 2023 event.

The ET9 is described as an “executive sedan” and includes a self-driving chip with circuit lines just 5 nanometers apart. The price is estimated at $112,160. The car also features a lightweight chassis and a faster charging battery, the company said.

NIO stock rose 11% Tuesday December. its market capitalization rising to $15.75 billion.

Technical Analysis
NIO has broken the ceiling of the falling trend in the medium long term, which indicates a slower initial falling rate. Positive volume balance, with high volume on days of rising prices and low volume on days of falling prices, strengthens the stock in the short term. RSI diverges positively against the price, which indicates a possibility for a reaction up.