Green day on Monday for NIO stock after gaining 3.26%

The NIO stock price gained 3.26% on the last trading day (Monday, 24th Jun 2024), rising from $4.30 to $4.44. During the last trading day the stock fluctuated 5.59% from a day low at $4.29 to a day high of $4.53. The price has fallen in 7 of the last 10 days and is down by -8.07% for this period. 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, 28 million shares were bought and sold for approximately $125.23 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 $4.12 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 8.09% during the next 3 months and, with a 90% probability hold a price between $4.45 and $6.47 at the end of this 3-month period.

A buy signal was issued from a pivot bottom point on Friday, June 21, 2024, and so far it has risen 3.26%. Further rise is indicated until a new top pivot has been found. 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 a buy signal from the short-term Moving Average; at the same time, however, the long-term average holds a general sell signal. Since the longterm average is above the short-term average there is a general sell signal in the stock giving a more negative forecast for the stock. On further gains, the stock will meet resistance from the long-term Moving Average at $5.01. On a fall, the stock will find some support from the short-term average at $4.38. A break-up through the long-term average will give another buy signal, while a fall below the short-term average will add another sell signal and strengthen the general signal. 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 $0.240 between high and low, or 5.59%. For the last week, the stock has had daily average volatility of 4.43%.

NIO is oversold on RSI14 (20). Some stocks may drop long and hard while being oversold on RSI before turning, which increases the general risk.

NIO holds several negative signals and we believe that it will still perform weakly in the next couple of days or weeks. We, therefore, hold a negative evaluation of this stock.