Shares of NIO Inc. (NYSE:NIO) are getting pummeled. They’re also getting close to the $43 level. There’s a good chance they find support and possibly rebound.
What To Know: $43 was resistance in April, and levels that have been resistance can become support.
Investors who sold NIO at $43 thought they made a good decision after it trended lower. After it rallied, many of these investors regret selling. A number of them decide to buy their shares back.
What’s Next: They will only do so if they can get them for the same price they sold at. This means they will be placing buy orders at the $43 level.
If there are enough of these orders, it will create support. This could put a bottom under the stock.
Nio Dips While Options Traders Grab Calls
