$NIO stock soars over 18% in Wednesday's premarket as growth stocks surge. Nio and other Chinese tech names have been heavily sold so far in 2022. The EV automaker continues momentum with more gains in Wednesday's premarket by ivanbrian9 stocks trading
also dropped a leg lower, which emboldened investors to go back into equities after heavy selling over the past two weeks. Growth stocks were out of favor, so it was only fitting these were the biggest winners on Tuesday. Within that sector of growth stocks were a particular unloved subsector, Chinese tech names.
So with the bounce in play, we need to look at the last significant low in the current downtrend. This is at $18.48. Below there, NIO remains bearish, so that is the target for bulls. They are making a good attempt at it in the premarket with NIO stock up by as much as 18% at the time of writing. A break of that should at least put the bottom in place and allow NIO time to consolidate before launching for a move back higher.
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