Red day on Wednesday for NIOStockInvest.us, 3 weeks ago
The NIO stock price fell by -2.82% on the last day (Wednesday, 7th Feb 2024) from $6.03 to $5.86. During the last trading day the stock fluctuated 4.71% from a day low at $5.73 to a day high of $6.00. The price has fallen in 6 of the last 10 days and is down by -3.46% for this period. Volume fell on the last day along with the stock, which is actually a good sign as volume should follow the stock. On the last day, the trading volume fell by -45 million shares and in total, 41 million shares were bought and sold for approximately $242.44 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 $5.32 is broken, it will firstly indicate a stronger fall rate.Given the current short-term trend, the stock is expected to fall -16.35% during the next 3 months and, with a 90% probability hold a price between $4.45 and $7.26 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 8.92%. 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). 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 $7.18. On a fall, the stock will find some support from the short-term average at $5.70. 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. Volume fell together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements.
NIO finds support from accumulated volume at $5.79 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 $0.270 between high and low, or 4.71%. For the last week, the stock has had daily average volatility of 5.17%.
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.Check full NIO forecast and analysis here.