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Big movements in NIO Inc. stock on Monday moving 10.29% between high and low

StockInvest.us, 10 months ago

NIO Inc.

The NIO Inc. stock gained 8.96% on the last trading day (Monday, 2nd Nov 2020), rising from $30.58 to $33.32. During the day the stock fluctuated 10.29% from a day low at $31.68 to a day high of $34.94. The price has fallen in 6 of the last 10 days but is still up by 20.59% 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, 128 million more shares were traded than the day before. In total, 264 million shares were bought and sold for approximately $8.79 billion.

Deutsche Bank is very positive to NIO and gave it a "Buy" rating on September 08, 2020. The price target was set to $24.00.

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 $32.48, a level that may pose a second chance to hit a runner. According to fan-theory $37.94 will be the next possible trend-top level and thereby pose a resistance level that may not be broken at the first attempt.

NIO Inc.

Mostly positive signals in the chart today. The NIO Inc. stock holds buy signals from both short and long-term moving averages. 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 $29.29 and $23.49. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Tuesday, September 08, 2020, and so far it has risen 95.65%. Further rise is indicated until a new top pivot has been found. Furthermore, there is a buy signal from the 3 months Moving Average Convergence Divergence (MACD). Volume is rising along with the price. This is considered to be a good technical signal.

NIO Inc. finds support from accumulated volume at $31.99.

This stock may move very much during a 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 $3.26 between high and low, or 10.29%. For the last week, the stock has had daily average volatility of 8.90%.

The NIO Inc. stock is extremely overbought on RSI14 (77). 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.

NIO Inc. holds several positive signals and has broken the strong rising trend up. As the stock is also in great technical shape, we, therefore, consider it to be a good choice at these current levels and we are expecting further gains during the next 3 months. We have upgraded our analysis conclusion for this stock since the last evaluation from a Buy Candidate to a Strong Buy Candidate candidate.

Check full NIO Inc. forecast and analysis here.