Nio, Inc (NYSE:NIO) stock traded higher Thursday after Bernstein initiated coverage on the stock with a Perform rating and announced a $45 price target.

The China-based EV maker continues to execute on its European expansion plans and on Thursday announced that its first battery swap station in Oslo, Norway had been completed and would open soon. Nio plans to build 20 Power Swap Stations in Norway by the end of 2022.

Unlike Tesla, which skyrocketed into blue skies on Oct. 22, Nio has failed to gain the same traction and is trading about 40% under its Jan. 11 all-time high of $66.99. The stock is in a bullish trend, however, and may be ready to make a larger move in the near future as a laggard play to Tesla.

See Also: How to Buy Nio Stock Right Now

The Nio Chart: On Thursday, Nio bounced up off the bottom ascending trendline of a rising channel in which the stock has been trading since creating a bullish triple bottom pattern on Oct. 4, Oct. 5 and Oct. 6 at the $33.28 level. Within the channel, Nio has been making a series of higher highs and higher lows, which confirms a strong uptrend is in play.

Nio made its last higher high on Oct. 26 when the stock reached $42.61 and printed its most previous high low at the $38.54 level on Oct. 22. Thursday’s low-of-day may mark the next higher low in the pattern, and bulls can watch to see if Nio will make a higher high over the next few days.

Nio has two gaps below, between $36.63 and $36.94 and within the $34.16 and $34.93 range, which may give some bullish traders caution. Gaps on charts fill 90% of the time, which means Nio is likely to trade down into each range in the future — yet it may be quite some time before that occurs.

Nio is trading above the eight-day and 21-day exponential moving averages (EMAs), with the eight-day EMA trending above the 21-day, both of which are bullish indicators. The stock is also trading above the 50-day simple moving average, which indicates longer-term sentiment is bullish.