A very strong day for NIO stock price on Thursday

The NIO stock price gained 8.02% on the last trading day (Thursday, 7th Jul 2022), rising from $20.83 to $22.50. During the day the stock fluctuated 8.15% from a day low at $21.36 to a day high of $23.10. The price has fallen in 6 of the last 10 days and is down by -0.22% for this period. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 13 million more shares were traded than the day before. In total, 72 million shares were bought and sold for approximately $1.62 billion.

HSBC is very positive about NIO and gave it a "$26.00 - $28.00" rating on Jun 30, 2022. The price target was changed from 26 to 28.Over the last 90 days, this security got 2 buy, 4 sell, and 0 hold ratings.

The stock lies in the middle of a very wide and strong rising trend in the short term and a further rise within the trend is signaled.Given the current short-term trend, the stock is expected to rise 23.6% during the next 3 months and, with a 90% probability hold a price between $19.40 and $30.54 at the end of this 3-month period.

The NIO stock holds buy signals from both short and long-term moving averages giving a positive forecast for the stock. Also, there is a general buy signal from the relation between the two signals where the short-term average is above the long-term average. On corrections down, there will be some support from the lines at $21.83 and $19.27. A breakdown below any of these levels will issue sell signals. Volume is rising along with the price. This is considered to be a good technical signal. Some negative signals were issued as well, and these may have some influence on the near short-term development. A sell signal was issued from a pivot top point on Friday, June 24, 2022, and so far it has fallen -6.56%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).

On the downside, the stock finds support just below today's level from accumulated volume at $20.11 and $19.18.There is natural risk involved when a stock is testing a support level, since if this is broken, the stock then may fall to the next support level. In this case, NIO finds support just below today's level at $20.11. If this is broken, then the next support from accumulated volume will be at $19.18 and $18.66.

This stock may move much during the day (volatility) and with a large prediction interval from the Bollinger Band this stock is considered to be "high risk". During the last day, the stock moved $1.74 between high and low, or 8.15%. For the last week, the stock has had a daily average volatility of 7.27%.

Several short-term signals, along with a general good trend, are positive and we conclude that the current level may hold a buying opportunity as there is a fair chance for NIO stock to perform well in the short-term.We have upgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Buy candidate.