Nio Trends Lower But Approaches Support
Since April 27, shares of electric vehicle company NIO Inc. (NYSE:NIO) have been trading lower, having lost about 10% of their value. There's a chance the sell-off soon ends as the stock is getting close to a support level.
Support is a large concentration of buyers who have gathered at the same price level. In the case of Nio, there has been support at $35.
At these levels, there's more demand for the shares than there is supply. That’s why sell-offs end at them.
Since early March, $35 has been support for Nio three times. There’s a good chance that it is again.
See also: How to Buy Nio Stock
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