$500 Account Follow Along Day 4 | Up On $HOOD & News For $NIO

NIO's stock price soared 10% on rumors of record-breaking May sales. The Chinese EV maker is electrifying investors with anticipation of delivering over 20,000 vehicles, potentially surpassing their all-time high. Dive in for the details and check out our $NIO trade idea!!

May 31, 2024
Meta Matt

Welcome to day 4 of my $500 Account Follow Along! Check out Day 1 of our $500 Account Follow Along Blog Post where we break down all our trade ideas, go over the strategy we use, and build a watchlist!

Also be sure to check out our Day 2 Post where we talk about our $PLTR trade idea!

Day 3 we bought $HOOD!

Up 6% On $HOOD

$HOOD ran as high as 6% from our $20.90 entry today, closing up 3.25% on our trade. It seems like a lot of people in the discord took this trade with us too. We are looking for $23.74 as our first target with $19.59 as our stop loss.

Tomorrow we will be breaking down our $PLTR trade idea and adding some new stocks to the watchlist.

NIO Rides Sales Surge to Stock Price Jump

Electric vehicle maker NIO (NIO) is celebrating a potential record-breaking month for deliveries in May, and investors are taking notice. The company's stock price surged 10% in Hong Kong trading on anticipation of these strong sales figures.

Analysts predict NIO could deliver over 20,000 vehicles in May, surpassing their previous record of 20,462 set last July.This surge is attributed to continued efforts to make their cars more affordable through price cuts and battery promotions.Their innovative BaaS (Battery-as-a-Service) program, with reduced monthly fees, is also credited with boosting sales.

NIO is aiming high in 2024, setting an annual sales target between 180,000 and 200,000 units. This positive news comes alongside a broader rise in the Chinese EV sector, with peers XPeng and Li Auto also experiencing stock price increases.China's push for decarbonization, with plans to ease restrictions on new-energy car purchases, further strengthens the outlook for NIO and the Chinese EV market.

Interested In Having Jay As A Trading Coach So That He Can Teach You This Strategy? Click Here!!

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