Tuesday, March 2, 2021 5:52 PM EDT
Shares of electric car maker NIO Inc (NIO) are hammering on a major support trend line at $42.15. This support level is found by connecting the previous low pivots from November 2020 and February 2021. As long as NIO holds this level, the stock can bounce. If price closes below $42.15, look out below. The stock could see declines to the daily 200 moving average at $30.00.
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"Will it Hold?" is probably determined by emotions at this point, and so without some much better supported data it is a guess. It looks like profit-taking is already happening.
Hell no.