Big movements in Nikola stock price on Wednesday moving 10.42% between high and low
StockInvest.us, 2 months ago
The Nikola stock price gained 4.00% on the last trading day (Wednesday, 27th Sep 2023), rising from $1.50 to $1.56. It has now gained 3 days in a row. It will be exciting to see whether it manages to continue gaining or take a minor break for the next few days. During the last trading day the stock fluctuated 10.42% from a day low at $1.44 to a day high of $1.59. The price has risen in 6 of the last 10 days and is up by 79.39% over the past 2 weeks. Volume fell on the last day by -2 million shares and in total, 71 million shares were bought and sold for approximately $110.16 million. You should take into consideration that falling volume on higher prices causes divergence and may be an early warning about possible changes over the next couple of days.
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 -22.93% during the next 3 months and, with a 90% probability hold a price between $0.234 and $2.22 at the end of this 3-month period.
The Nikola 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 $1.42 and $1.40. A breakdown below any of these levels will issue sell signals. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Volume fell during the last trading day despite gaining prices. This causes a divergence between volume and price and it may be an early warning. The stock should be watched closely. 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 Thursday, August 03, 2023, and so far it has fallen -54.05%. Further fall is indicated until a new bottom pivot has been found.
On the downside, the stock finds support just below today's level from accumulated volume at $1.40 and $1.30.There is a 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, Nikola finds support just below today's level at $1.40. If this is broken, then the next support from accumulated volume will be at $1.30 and $1.19.
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 $0.150 between high and low, or 10.42%. For the last week, the stock has had daily average volatility of 14.31%.
Several short-term signals are positive, despite the stock being in a falling trend, we conclude that the current level may hold a buying opportunity as there is a fair chance for 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.
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