Chinese electric car-maker Nio (NYSE: NIO) is scheduled to announce the last quarter earnings report today after market close. The EV stock investors are eagerly waiting for the fourth-quarter earnings results from the Electric vehicle maker after the stock recently regain upside momentum. The stock is up 40% in the last 8 days and rebounded back to above $20. However, the overall momentum remains mixed as the stock hit its lowest level in 19 months last week.
Nio is expected to post quarterly earnings of -$0.14 per share and revenues are expected to be $1.53 billion.
$NIO key technical levels to watch today:
Support: $20.00 and $18.00
Resistance: $23.50 and $26.00
Global stocks and Wall Street ended lower on Wednesday driven by weaker-than-expected macro-economic data and hawkish comments from several US Fed officials. San Francisco Fed Bank President Mary Daly stated that interest rates may settle around 2.5 percent, which will be required to contain soaring inflation.
Crude oil futures trade higher during the Asian session as the US President Joe Biden is set to meet NATO allies on Thursday and is expected to announce additional sanctions against Russia over its invasion of Ukraine.
In the currency market, the dollar index, which tracks the U.S. currency against six major peers holds steady ahead of US durable goods orders data. On the other hand, the British pound tinkered around just below the 1.3170 handles while the Euro slightly rebounded against the US dollar, following the release of better-than-expected German and Eurozone PMI data.
The safe-haven metal hovers near the weekly highs despite strong US dollar movement. The recent upside momentum support after the US Treasury yields have experienced minor weakness. At the time of writing, the precious metal trades above $1940.
On the data front, U.S. new-home sales fell 2% to an annual rate of 772,000 in February, Census Bureau said Wednesday. Economists polled by MarketWatch expected new-home sales in February to drop to an annual rate of 805,000.
Moving ahead today, the important events to watch:
US – Durable goods orders: GMT – 12.30
US – Manufacturing PMI: GMT – 13.45
Worldwide, more than 470 million people have been confirmed infected and more than 6.09 million have died. The United States has confirmed over 79.7 million cases and has had more than 970,000 deaths from COVID-19, the highest totals in the world.
Technical Outlook and Review
DOLLAR INDEX: For today, If the bullish momentum continues then the next upside level is to watch 99.00 and 99.20. On the flip side, a breakdown through 98.20 would negate that bias and suggest a test of the 97.80 support region.
The important levels to watch for today: Support- 98.60 and 98.20 Resistance- 99.00 and 99.20.
GOLD: The yellow metal hovers above the $1940 area. If the bullish momentum continues the next upside levels to watch $1950 and $1955. On the downside side, $1920 is a crucial support area to watch.
The important levels to watch for today: Support- 1930 and 1912 Resistance- 1950 and 1955.
Quote of the day - I have found that when the market’s going down and you buy funds wisely, at some point in the future, you will be happy. You won’t get there by reading. Now is the time to buy. – Peter Lynch.