Since completing a triple-bottom formation around $35 on April 15, NIO Inc. (NYSE: NIO) shares have been recovering. The stock received some support from positive headlines this week out of the Shanghai auto show. Nio On The Cusp Of A Breakout? Completion of a triple bottom pattern, technically, is bullish for a security, signaling that a possible reversal is in the offing. The stock rebounding off the same level for the third time suggests it has a strong support and bears are giving up. After hitting a high of $66.99 Jan 11 on the momentum imparted by the announcements at the Nio Day event, the shares consolidated the gains until early February. The market-wide tech sell-off in February proved a dampener for Nio, as the stock tumbled from a high of $64.60 on Feb. 10 to a low of $31.91 on March 5, a peak-trough decline of a little over 50%. Subsequently, the stock has bounced off the bottom around $35 three times, completing the triple bottom. If Nio shares sustain the uptrend, immediate resistance lies around $41. Outside of this level, the stock may also find resistance around the $48.50 and $55.50 levels. Related Link: Tesla’s Battery Charging Vs. Nio’s Battery Swapping: What Investors Should Know Nio’s Auto Show News: At the press event of the 19th International Automobile Industry Exhibition, widely known as Auto Shanghai 2021, Nio announced a Power North plan, the Blue Sky Lab fashion project and the interior of its flagship sedan ET7, which is slated for a commercial launch in the first quarter of 2022. At the event, William Li, the founder, chairman and CEO of Nio, presented optimistic projections about the Chinese EV market. Li said he expects new energy vehicle penetration to increase from 10% now to 20% in two years. Ahead of the Shanghai auto show, Nio announced a collaboration with Sinopec Shanghai Petrochemical Company Limited (NYSE: SHI) for setting up its Power Swap Station 2.0 at the oil giant’s gas filling stations. See also: How to Buy Nio Stock Upcoming Nio Catalysts: The coming few weeks are key for Nio. The company is scheduled to report its first-quarter results April 29. Analysts, on average, estimate a loss of 16 cents per share, narrower than the 25-cent-per-share loss in the year-ago period. Revenues are expected to jump over 400% year-over-year to $1.02 billion. On the earnings call, the company is likely to shed more details on new products and services, and chip availability. The company was forced to shutter its plant for a few days in late March and early April due to chip supply shortages. Nio’s April deliveries update is due in early May. This number could be of particular interest to investors due to the five-day factory shutdown that began March 29. Rumors abound that Nio may announce its European expansion plan May 7 or 8. As the EV maker prepares for its maiden overseas foray, investors may be keen to find out more details regarding the timeline, targets, localization of production, distribution and pricing. Confirmation from the company regarding a potential secondary listing in Hong Kong is also seen as a positive for the stock. With the listing, the company is setting up the possibility of expanding its investor base and in turn financing sources. At last check, Nio shares were adding 1.35% to $39.42. Related Link: Can Nio Stock Go From to 0 In 18 Months? Photo courtesy of Nio. See more from BenzingaClick here for options trades from BenzingaNio At Auto Shanghai: What You Need To Know About The Power North Project, ET7 Interior, Fashion Project AnnouncementsWhat To Expect At The Shanghai Auto Show: Nio, GM, Honda, Toyota and More© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.