NIO stock plunges 6% on regulation worries

NIO (NIO.US) stock dropped 3% during today's session together with other US-traded shares of several Chinese companies over regulatory actions taken by the regulators.  The Chinese officials seem to focus on large amounts of data collected by certain companies on Chinese citizens so there is hope that NIO and other Chinese electric vehicle manufacturers will not suffer much from officials' actions as it seems that they did not collect so much data compared to technology companies.

NIO (NIO.US) stock fell sharply during today's session and broke below the major support zone around $48.50 which coincides with an upward trendline and 50 SMA (green line). If the current sentiment prevails, support at $43.17 may be at risk. Source: xStation5