The analysis focuses on NIO stock using weekly and daily charts. It identifies a cup and handle pattern on the weekly timeframe, with a neckline around $7.78. The price target based on this pattern is approximately $9.26. The stock is currently in a narrow descending channel. A breakout above $6.91 is anticipated. The analyst notes that negative news has affected the stock. A price level of 6.41 is considered as support level. A failure of this analysis would occur if the price drops below $3.02.