Nio stock price analysis as death cross chart pattern nears — TradingView News
The Nio stock price has suffered a big reversal in the past few weeks as concerns about the Chinese electric vehicle (EV) industry continued. It dropped to the psychological level at $5, its lowest level since August, and 40% from the year-to-date high.
Nio stock price technical analysis suggests more downside
The daily timeframe chart shows that the Nio share price has been in a strong downward in the past few months, mirroring the performance of other Chinese EV companies like XPeng and Li Auto.
It has moved from the year-to-date high of $8.05 to the current $5, which has coincided with the 50% Fibonacci Retracement level.
Worse, the stock is about to form a death cross pattern, which is characterized by the bearish crossover of the…
