(Finance) – Discount for NIO which trades at a loss of 8.30% on previous values.
Weighing on the shares, the electric vehicle (EV) maker cut its fourth-quarter delivery estimates for the number of units shipped.
Delivery forecasts are now between 38,500 and 39,500 units of electric vehicles compared to the previous range of 43,000-48,000 vehicles.
The trend of electric vehicle manufacturer in the week, compared toS&P-500notes a lower relative strength of the stock, which could fall prey to sellers ready to take advantage of potential weaknesses.
The technical framework of NIO suggests an extension of the bearish line towards the floor at USD 9.82 with the ceiling represented by the 10.46 area. The forecasts are for an extension of the negative phase to the test of new lows identified at 9.57.