Strong day for NIO Inc. stock price on Monday rising 9.61% to $49.40StockInvest.us, 3 months ago
The NIO Inc. stock price gained 9.61% on the last trading day (Monday, 28th Jun 2021), rising from $45.07 to $49.40. During the day the stock fluctuated 9.00% from a day low at $45.55 to a day high of $49.65. The price has fallen in 6 of the last 10 days, but is still up by 6.12% 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, 56 million more shares were traded than the day before. In total, 88 million shares were bought and sold for approximately $4.36 billion.
Citigroup Inc. 3% Minimum Coupon Principal Protected Based Upon Russell is very positive about NIO and gave it a "Neutral - Buy" rating on June 01, 2021. The price target was changed from $57.60 to $58.30.Over the last 30 days, this security got 3 buy, 0 sell, and 0 hold ratings.
The stock has broken the very wide and strong rising the short-term trend up and an even stronger rate of rising is indicated. For any reaction back there will now be support on the roof on the current trend broken at $48.33, a level that may pose a second chance to hit a runner. According to fan-theory $61.42 will be the next possible trend-top level and thereby pose a resistance level that may not be broken at the first attempt.
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 $46.12 and $40.47. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Thursday, May 13, 2021, and so far it has risen 58.23%. 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. Furthermore, there is currently a sell signal from the 3 months Moving Average Convergence Divergence (MACD).
On the downside, the stock finds support just below today's level from accumulated volume at $39.84 and $39.66.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 $39.84. If this is broken, then the next support from accumulated volume will be at $39.66 and $39.57.
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 $4.10 between high and low, or 9.00%. For the last week, the stock has had a daily average volatility of 4.73%.
NIO Inc. holds several positive signals and has broken the strong rising trend up. As the stock is also in great technical shape 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 Hold/Accumulate to a Strong Buy candidate.Check full NIO Inc. forecast and analysis here.