Over the last few weeks, Nio (NIO) has been a disaster.

Shares plummeted from about $55 to about $33, where it’s just starting to bounce from double bottom support.  Helping, Goldman Sachs’ Fei Fang just upgraded the NIO stock to a buy rating from a hold, with a $56 price target – potential 66% upside.

The analyst cited the potential of NIO’s ET7 as reason for the upgrade.

In addition, the company just reported another big month of deliveries.

According to its most recent press release:

“With the concerted efforts of NIO teams and supply chain partners, NIO delivered 10,628 vehicles globally in September 2021, an all-time high monthly record representing a robust growth of 125.7% year-over-year.  NIO delivered 24,439 vehicles in the third quarter of 2021, representing an increase of 100.2% year-over-year and exceeding the higher end of the Company’s quarterly guidance. As of September 30, 2021, cumulative deliveries of the NIO ES8, NIO ES6 and NIO EC6 reached 142,036 vehicles.”

From a current price of $35.73, we’d like to see an initial test of $41.86.  If it can break above that resistance, it could test $46 shortly after.