Big movements in Nikola stock price on Friday moving 11.11% between high and low

The Nikola stock price fell by -3.85% on the last day (Friday, 22nd Sep 2023) from $1.30 to $1.25. It has now fallen 4 days in a row. During the last trading day the stock fluctuated 11.11% from a day low at $1.17 to a day high of $1.30. The price has been going up and down for this period, and there has been a 42.03% gain for the last 2 weeks. Volume fell on the last day along with the stock, which is actually a good sign as volume should follow the stock. On the last day, the trading volume fell by -12 million shares and in total, 73 million shares were bought and sold for approximately $90.75 million.

On Sep 14, 2022, it was reported that B. Riley gave NKLA a "Buy" grade with a "initialise" action.

The stock lies in the middle of a very wide and falling trend in the short term and further fall within the trend is signaled.Given the current short-term trend, the stock is expected to fall -17.51% during the next 3 months and, with a 90% probability hold a price between $0.384 and $2.51 at the end of this 3-month period.

Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Some negative signals were issued as well, and these may have some influence on the near short-term development. The Nikola stock holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. Also, there is a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections up, there will be some resistance from the lines at $1.35 and $1.48. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Thursday, August 03, 2023, and so far it has fallen -63.18%. Further fall is indicated until a new bottom pivot has been found. Volume fell together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements.

Nikola finds support from accumulated volume at $1.19 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 $0.130 between high and low, or 11.11%. For the last week, the stock has had daily average volatility of 19.34%.

Nikola holds several negative signals and is within a very wide and falling trend, so we believe it will still perform weakly in the next couple of days or weeks. We therefore hold a negative evaluation of this stock.Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Sell to a Strong Sell candidate.