Unlike Tesla, Nio has so far failed to retrace back up toward its Jan. 11 all-time high of $66.99. On Friday, Nio was trading down about 42% from its all-time high whereas Tesla is within about 15% from its Jan. 25 record of $900.

See Also: How to Buy Nio Stock Right Now

The Nio Chart: After reaching its all-time high, Nio’s stock entered into a months-long downtrend until finding a May 13 bottom at the $34.06 mark. The stock then made a steep climb back up and reached $55.13 on June 1 before entering into another downtrend, which brought it to an Aug. 19 low of $36.24.

Since then, Nio has regained an uptrend making consistently higher highs and higher lows with a most recent high of $41.86 followed by Thursday’s low of $37.54. For the uptrend to continue Nio will need to put in a higher high above the $42-mark before falling below the $37.50 area.

Nio’s stock is trading below the eight-day and 21-day exponential moving averages (EMAs) with the eight-day EMA trending below the 21-day, both of which are bearish indicators. The stock is also trading well below the 200-day simple moving average, which indicates overall sentiment is Nio is bearish.

• Bulls want to see big bullish volume come in and drive Nio’s stock up to make a new high above $39.61. If it can regain the level as support, it has room to move up toward the $45 level.
• Bears want to see continued pressure to the downside to drop Nio below the $37.50 area. If the stock loses the level as support, it could fall toward $36.24.