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

Shares of Tesla, Inc. TSLA may be about to plunge.

Shares of Chinese electric vehicle producer NIO Inc. 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.

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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