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The NIO stock price gained 6.11% on the last trading day (Thursday, 3rd Aug 2023), rising from $14.57 to $15.46. During the last trading day the stock fluctuated 8.19% from a day low at $14.66 to a day high of $15.86. The price has risen in 8 of the last 10 days and is up by 49.81% over the past 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 7 million more shares were traded than the day before. In total, 85 million shares were bought and sold for approximately $1.31 billion.
UBS is very positive about NIO. The price target was set to 13 (Nov 17, 2022).
The stock has broken the wide and strong rising the short-term trend up and an even stronger rate of rising is indicated. For any reaction back there will now be support on the roof on the current trend broken at $12.97, a level that may pose a second chance to hit a runner.
Mostly positive signals in the chart today. 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 $14.44 and $10.90. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Monday, June 26, 2023, and so far it has risen 84.05%. Further rise is indicated until a new top pivot has been found. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Volume is rising along with the price. This is considered to be a good technical signal.
NIO finds support from accumulated volume at $15.30 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This stock may move very much during the day (volatility) and with a very large prediction interval from the Bollinger Band this stock is considered to be "very high risk". During the last day, the stock moved $1.20 between high and low, or 8.19%. For the last week, the stock has had daily average volatility of 7.19%.
The NIO stock is extremely overbought on RSI14 (84). Normally this may pose a good selling opportunity but since the stock has broken the trend up, the chance for a major correction due to high RSI is very small as the stock will find support at the trend broken.
Several short-term signals are positive and the stock has broke the rising trend up, which indicates an even stronger rate of rising. 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 period.We have upgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Strong Buy candidate.
Check full NIO forecast and analysis here.