Summary:
• Nio's stock (NYSE: NIO) is set to move following a stellar performance last week, which saw the company’s share price rise by 2.5%.
• Tesla (NASDAQ: TSLA) is showing signs of recovery after a challenging start to 2024. The stock gained 3.8% last Friday, confirming a bullish breakout and closing above the 20-EMA.
• Lloyds Banking Group (LON: LLOY) remains a stock to watch in September, despite challenges posed by a proposed windfall tax in the UK.

The stock market remains cautious after recent U.S. data revealed a stable but slow-growing economy. Meanwhile, concerns about China’s economic direction persist, fueled by weaker-than-expected reports in the past few weeks. However, despite the mixed global outlook, these three stocks—Nio, Tesla, and Lloyds—could offer potential upside this week, with significant developments on the horizon.

Nio

Nio’s stock (NYSE: NIO) is set to move following a stellar performance last week, which saw the company’s share price rise by 2.5%. The key driver was Nio’s August vehicle delivery numbers, reporting an impressive 20,176 vehicles sold. These figures come as a sigh of relief for the market, considering Nio had been trading close to its year-to-date lows prior to the news.

Why Nio’s Stock Could Climb

CEO William Li previously indicated that breaking even would require selling 30,000 vehicles monthly. While August’s numbers fall short of this mark, it’s the fourth consecutive month Nio has delivered more than 20,000 vehicles, indicating steady progress. With the company launching its more affordable ONVO model in September and the ultra-budget Firefly model set for a 2025 release, the market is optimistic about Nio’s strategic pivot to more economical EVs.

Nio’s battery-swapping service, a unique industry offering, is also a significant growth driver. In August alone, the company hit 50 million battery swaps, and with 60% of Nio customers opting for swaps over traditional charging, the firm is redefining customer convenience. On average, 79,000 swaps are completed daily, saving customers billions of minutes and positioning Nio as an industry leader in this space.

Nio Stock Price Forecast

Nio’s daily chart shows that the stock is maintaining control above the key $4.00 pivot point. With momentum indicators favoring the bulls, the first significant resistance level lies at $4.10, and a break above this could lead to a test of $4.20. On the downside, falling below $4.00 could hand control to the bears, with initial support at $3.93 and further selling pressure potentially testing the $3.85 zone.

Tesla

Tesla (NASDAQ: TSLA) is showing signs of recovery after a challenging start to 2024. The stock gained 3.8% last Friday, confirming a bullish breakout and closing above the 20-EMA. Tesla’s price action suggests the bulls could be back in control, driven by anticipation for the upcoming Robotaxi reveal and expanding Supercharger infrastructure in New York.

Tesla Stock Price Forecast

Tesla is trading above the middle Bollinger Band, with the MACD signalling ongoing bullish control. The key level to watch is $212.60. If the bulls maintain momentum, the next target is resistance at $214.25, followed by a potential test of $216.60. On the downside, any move below $212.60 could see sellers push the stock toward $210.50, with further downside testing $208.15.

Lloyds

Lloyds Banking Group (LON: LLOY) remains a stock to watch in September, despite challenges posed by a proposed windfall tax in the UK. The company’s share price has shown resilience, gaining 5.2% in August, buoyed by a £2 billion share buyback program. However, the tax measures targeting banks’ profits could pressure Lloyds in the coming months.

Lloyds Stock Price Forecast

Lloyds’ price is currently trading above its 50 and 200-EMA, showing an overall bullish trend. The stock is nearing a potential breakout, with the first resistance level at 58.70. If the bulls maintain control, a move past 59.00 could be on the cards. Conversely, a drop below 58.30 could trigger a bearish reversal, with initial support at 58.00 and the possibility of testing 57.70 if the sellers gain momentum.