NIO stock price up more than 12.08% on TuesdayStockInvest.us, 2 weeks ago
The NIO stock price gained 12.08% on the last trading day (Tuesday, 6th Feb 2024), rising from $5.38 to $6.03. During the last trading day the stock fluctuated 8.04% from a day low at $5.60 to a day high of $6.05. The price has fallen in 6 of the last 10 days and is down by -2.9% for this period. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 42 million more shares were traded than the day before. In total, 87 million shares were bought and sold for approximately $522.50 million.
On Jun 12, 2023, it was reported that UBS gave NIO a "Neutral" grade with a "hold" action.
The stock lies in the lower of a very wide and falling trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at $5.35 is broken, it will firstly indicate a stronger fall rate.Given the current short-term trend, the stock is expected to fall -15.55% during the next 3 months and, with a 90% probability hold a price between $4.52 and $7.38 at the end of this 3-month period.
A buy signal was issued from a pivot bottom point on Monday, February 05, 2024, and so far it has risen 12.08%. 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. Some negative signals were issued as well, and these may have some influence on the near short-term development. The NIO 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 $7.24. On a fall, the stock will find some support from the short-term average at $5.74. 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.
NIO finds support from accumulated volume at $5.98 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 $0.450 between high and low, or 8.04%. For the last week, the stock has had daily average volatility of 5.81%.
NIO holds several negative signals and we believe that it will still perform weakly in the next couple of days or weeks. We, therefore, hold a negative evaluation of this stock.We have upgraded our analysis conclusion for this stock since the last evaluation from a Strong Sell to a Sell candidate.Check full NIO forecast and analysis here.