Nio Inc (NIO)

[JellyDonut]

Here's a look at four reasons as to why the stock weathered the negative catalysts and is pushing ahead.

Weak Numbers Baked In For Nio

With the new coronavirus Covid-19 wreaking havoc across China and forcing a shutdown beyond the weeklong Chinese Lunar New Year holiday, a weak number was factored in by the market.

An 11.5% drop apparently didn't hurt investment sentiment to a notable extent.

Broader Market Strength

The broader market is recovering from a Covid-19-induced sell-off seen in the aftermath of the onset of the virus outbreak in late January.

The major averages — the Dow, the S&P 500 Index and the Nasdaq Composite Index — all ended Monday's session higher.

Nio's Recent Funding Agreement

The $100 million in committed funding Nio announced last week may have also encouraged investors to stay with the stock.

At that time, the automaker reassured investors that amore positive news flow is likely to follow on this front, as it is working on additional financing projects.

Nio's Technical Support

Nio shares have been finding support around the $3.60-3.70 area since December.