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3 Robinhood Favorites Break Important Support Levels

May 14, 2021 8:29 am
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3 Robinhood Favorites Break Important Support Levels

NIO Inc. (NYSE:NIO), Square, Inc. (NYSE:SQ) and Tesla, Inc. (NASDAQ:TSLA) have been trending lower recently and these downtrends may continue. All three have broken important support levels.

Support is a large concentration of buyers who have gathered at the same price. Sometimes, when stocks fall to support levels they rebound.

But other times, the support level breaks and the stocks move lower. This happens because when support breaks, it shows that the buyers who created it are gone. With this demand off of the market, the stage is set for a move lower.

See Also: 3 ETFs To Play A Potential Energy Crisis

Nio has broken support at $35. This level had been support since early March.

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The $205 level has been support for Square since January, but now Square is trading below it.

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There has been support for Tesla around the $590 level, but it appears that the support has been broken.

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