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.
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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