High volatility in Nikola stock price on Thursday which ended trading at $1.96

The Nikola stock price gained 1.03% on the last trading day (Thursday, 10th Aug 2023), rising from $1.94 to $1.96. During the last trading day the stock fluctuated 14.21% from a day low at $1.90 to a day high of $2.17. The price has been going up and down for this period, and there has been a -6.67% loss for the last 2 weeks. Volume fell on the last day by -14 million shares and in total, 73 million shares were bought and sold for approximately $142.62 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.

Given the current short-term trend, the stock is expected to rise 185.34% during the next 3 months and, with a 90% probability hold a price between $5.59 and $10.22 at the end of this 3-month period.

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. The Nikola stock holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. On corrections up, there will be some resistance from the lines at $2.49 and $1.99. 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 -42.27%. 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).

Nikola finds support from accumulated volume at $1.94 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 $0.270 between high and low, or 14.21%. For the last week, the stock has had daily average volatility of 20.46%.

The Nikola stock holds several negative signals and despite the positive trend, we believe Nikola will perform weakly in the next couple of days or weeks. Therefore, we 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.