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Nio's Stock Breaks Down: Will Tesla's Stock Follow?

May 17, 2021 8:00 am
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Nio's Stock Breaks Down: Will Tesla's Stock Follow?

Shares of Tesla, Inc. (NASDAQ:TSLA) may be about to plunge.

Shares of Chinese electric vehicle producer NIO Inc. (NYSE:NIO) have broken important support and moved lower, and Tesla may follow.

Nio broke support at the $35 level last week. The buyers who had propped it up since early March left the market. This caused shares to make a rapid move lower.

Click here to check out Benzinga’s EV Hub for the latest electric vehicle news.

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Tesla's stock has had support around the $590 level since March. Sometimes, stocks in a particular industry follow each other. If Tesla follows Nio, it could break support and make a rapid move lower as well.

See also: How to Buy Nio Stock

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