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NIO Inc. stock upgraded to Buy Candidate.

StockInvest.us, 2 weeks ago

NIO Inc.

The NIO Inc. stock price gained 2.15% on the last trading day (Monday, 8th Nov 2021), rising from $42.29 to $43.20. During the day the stock fluctuated 4.71% from a day low at $42.28 to a day high of $44.27. The price has risen in 6 of the last 10 days and is up by 4.68% 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, 5 million more shares were traded than the day before. In total, 38 million shares were bought and sold for approximately $1.64 billion.

On Nov 04, 2021 "Deutsche Bank Aktiengesellschaft" gave "$60.00 - $70.00" rating for NIO. The price target was set to $43.11+3.9%.

The stockis at the upper part of a very wide and horizontal trend and normally this may pose a good selling opportunity but a break-up through the top trend line at $44.86 will give a strong buy signal and a trend shift could be expected.Given the current horizontal trend, you can expect NIO Inc. stock with a 90% probability to be traded between $33.01 and $44.51 at the end of this 3-month period. A break of a horizontal trend is often followed by a large increase in the volume, and stocks seldom manage to go directly from the bottom of a trend up to the top. Stocks turning up in the middle of a horizontal trend are therefore considered to be potential runners.

NIO Inc.

Mostly positive signals in the chart today. The NIO Inc. 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 $41.67 and $37.88. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Monday, October 04, 2021, and so far it has risen 29.34%. Further rise is indicated until a new top pivot has been found. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Volume is rising along with the price. This is considered to be a good technical signal.

On the downside, the stock finds support just below today's level from accumulated volume at $39.31 and $38.62.There is 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 Inc. finds support just below today's level at $39.31. If this is broken, then the next support from accumulated volume will be at $38.62 and $35.99.

This stock has average movements during the day and with good trading volume, the risk is considered to be medium. During the last day, the stock moved $1.99 between high and low, or 4.71%. For the last week, the stock has had a daily average volatility of 4.48%.

Several short-term signals are positive and we conclude that the current level may hold a buying opportunity, as there is a fair chance for NIO Inc. stock to perform well in the short-term period.We have upgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Buy candidate.

Check full NIO Inc. forecast and analysis here.