High volatility in NIO stock price on Monday which ended trading at $6.68

The NIO stock price gained 2.45% on the last trading day (Monday, 30th Sep 2024), rising from $6.52 to $6.68. 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 15.62% from a day low at $6.66 to a day high of $7.70. The price has risen in 7 of the last 10 days and is up by 23.7% 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, 33 million more shares were traded than the day before. In total, 209 million shares were bought and sold for approximately $1.40 billion.

On Sep 06, 2024, it was reported that Piper Sandler gave NIO a "Overweight" grade with a "upgrade" action.

The stock has broken the very 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 $5.90, a level that may pose a second chance to hit a runner. According to fan-theory $7.43 will be the next possible trend-top level and thereby pose a resistance level that may not be broken at the first attempt.

The NIO 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 $5.88 and $4.77. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Wednesday, September 11, 2024, and so far it has risen 19.29%. 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. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).

NIO finds support from accumulated volume at $6.52 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 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 $1.04 between high and low, or 15.62%. For the last week, the stock has had daily average volatility of 9.35%.

Several short-term signals are positive and the stock has broke the rising trend up, which indicates an even stronger rate of rising. We conclude that the current level may hold a buying opportunity as there is a fair chance for NIO stock to perform well in the short-term period.