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The NIO stock price gained 2.31% on the last trading day (Monday, 17th Jun 2024), rising from $4.33 to $4.43. During the last trading day the stock fluctuated 5.79% from a day low at $4.24 to a day high of $4.48. The price has fallen in 8 of the last 10 days and is down by -17.04% for this period. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 8 million more shares were traded than the day before. In total, 31 million shares were bought and sold for approximately $138.36 million.
On Jun 08, 2024, it was reported that Barclays gave NIO a "Underweight" grade with a "hold" action.
The stock lies in the lower part of a very wide and weak rising trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at $4.06 is broken, it will firstly indicate a slower rate of rising, but may also be an early warning for a trend shift.Given the current short-term trend, the stock is expected to rise 7.42% during the next 3 months and, with a 90% probability hold a price between $4.36 and $6.38 at the end of this 3-month period.
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. The NIO 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 $4.52 and $5.08. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Tuesday, May 14, 2024, and so far it has fallen -23.49%. 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 $4.11 and $4.00.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, NIO finds support just below today's level at $4.11. If this is broken, then the next support from accumulated volume will be at $4.00 and $3.89.
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 $0.245 between high and low, or 5.79%. For the last week, the stock has had daily average volatility of 6.06%.
The NIO stock holds several negative signals and despite the positive trend, we believe NIO will perform weakly in the next couple of days or weeks. Therefore, we hold a negative evaluation of this stock.
Check full NIO forecast and analysis here.