In this video, I discuss Nio's recent news that led to the major sell off that happened for NIO right before their earnings. Nio stock has been up 1,100% YTD, today alone Nio stock moved a total of 25%, 10% up and then 15% downwards due a short seller catalyst. Prior to the sell off, Nio stock was on the rise coming off of Xpeng and Li Auto amazing earnings. Leading the entire Chinese EV companies to rise.
Nio stock technical analysis is discussed to show Nio's possible future movements on the technical side. While Nio had no support reaching their all time highs, Nio found support at the $41 price and started to consolidate between support and resistance lines in the after hours.
Citron Research, led by Andrew Left is a short seller that believes that Nio stock price prediction will reach $25 price target. Citron was an early investor in Nio in 2018 when Nio was only $7 a share. With Citron's article being released, this became a major catalyst for Nio where investors and traders took it as a sign to sell since Nio has been on a parabolic run. Citron Research brings up 2 major points to back up their claim.
1. Tesla Model Y made in China will out price that Nio lineup
2. Nio's share price is currently a casino and not an investment hub.
I believe is it important to understand short sellers to view their perspective on the stock to understand if there are any potential negatives on the company. Nio is currently days away before their Q3 earnings. We have to wait and see how Nio will react to those earnings.
Let's try to get those GAINZ!
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