NIO stock price up more than 11.65% on Tuesday

The NIO stock price gained 11.65% on the last trading day (Tuesday, 24th Sep 2024), rising from $5.32 to $5.94. During the last trading day the stock fluctuated 6.24% from a day low at $5.61 to a day high of $5.96. The price has risen in 6 of the last 10 days and is up by 8.39% 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, 48 million more shares were traded than the day before. In total, 112 million shares were bought and sold for approximately $663.62 million.

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

Given the current short-term trend, the stock is expected to rise 11.99% during the next 3 months and, with a 90% probability hold a price between $4.48 and $6.65 at the end of this 3-month period.

Mostly positive signals in the chart today. 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 $5.40 and $4.50. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Wednesday, August 07, 2024, and so far it has risen 61.85%. 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 $5.57 and $5.40.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 $5.57. If this is broken, then the next support from accumulated volume will be at $5.40 and $5.02.

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 $0.350 between high and low, or 6.24%. For the last week, the stock has had daily average volatility of 8.12%.

NIO holds several positive signals and is within a strong rising trend. As the old saying says, "Let the trend be your friend.'". We therefore consider it to be a good choice at these current levels and we are expecting further gains during the next 3 months.We have upgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Strong Buy candidate.