NIO Stock Market Observations - Plunged About 10%
NIO fell about 16% at the early beginning of this month. Testing the monthly swing lows and buying tails for buyers now. The previous month closed with gains of 0.7%. Presumably, the semiconductor shortages pressure the EV sector as well.
The stock fell about 10% in today’s New York trading session, testing the swing lows back from May of this year for potential buyers. The next possible line of support might emerge around the prior Quarter’s VAH close level. The market fell below the Quarterly value which might pressure additionally for now.
The hourly perspective of NIO is trending lower for several hours. Traders might wait for a balanced behavior as a sign of absorption around the mentioned swing lows back from May.
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