NIO Bear Wedge Signals A Drop To This Level

Shares of NIO Inc (NIO) are flat today but down sharply from the recent highs. The stock is trading just above $36.00/share, down from over $65.00/share. Based on the technical chart setup, there is a bearish wedge formation that signals further downside in the coming weeks. Ultimately, the technical analysis shows major support at a price point of $21.75. This level sets up beautifully as a swing trade and possible longer-term investment level. The bear wedge breakdown to this target will occur as soon as a daily closing low below $35.50 occurs. This will trigger the bigger move down to the $21.75 ultimately technical target.

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