NIO Inc. stock upgraded from Sell Candidate to Hold/Accumulate after Tuesday trading session.StockInvest.us, 11 months ago
The NIO Inc. stock price gained 3.99% on the last trading day (Tuesday, 31st Aug 2021), rising from $37.80 to $39.31. During the day the stock fluctuated 3.93% from a day low at $37.90 to a day high of $39.39. The price has risen in 6 of the last 10 days and is up by 3.18% 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, 6 million more shares were traded than the day before. In total, 44 million shares were bought and sold for approximately $1.73 billion.
On August 12, 2021 "Citigroup" gave "" rating for NIO. The price target was changed from $43.97 to 0.6%.
The stock lies in the middle of a very wide and falling trend in the short term and further fall within the trend is signaled.Given the current short-term trend, the stock is expected to fall -11.88% during the next 3 months and, with a 90% probability hold a price between $31.25 and $42.99 at the end of this 3-month period.
A buy signal was issued from a pivot bottom point on Thursday, August 19, 2021, and so far it has risen 8.32%. 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 Inc. 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 $41.88. On a fall, the stock will find some support from the short-term average at $38.50. 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 months Moving Average Convergence Divergence (MACD).
NIO Inc. finds support from accumulated volume at $38.62 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 $1.49 between high and low, or 3.93%. For the last week, the stock has had a daily average volatility of 3.54%.
NIO Inc. holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development.We have upgraded our analysis conclusion for this stock since the last evaluation from a Sell to a Hold/Accumulate candidate.Check full NIO forecast and analysis here.