Strong day for NIO Inc. stock price on Wednesday rising 5.68% to $53.20StockInvest.us, 3 months ago
The NIO Inc. stock price gained 5.68% on the last trading day (Wednesday, 30th Jun 2021), rising from $50.34 to $53.20. , and has now gained 4 days in a row. It will be exciting to see whether it manages to continue gaining or take a minor break for the next few days. During the day the stock fluctuated 6.51% from a day low at $50.55 to a day high of $53.84. The price has risen in 6 of the last 10 days and is up by 18.17% 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, 27 million more shares were traded than the day before. In total, 92 million shares were bought and sold for approximately $4.87 billion.
Citigroup is very positive about NIO and gave it a "Buy" rating on June 29, 2021. The price target was changed from $58.30 to $72.00.Over the last 30 days, this security got 4 buy, 0 sell, and 0 hold ratings.
Given the current short-term trend, the stock is expected to rise 22.55% during the next 3 months and, with a 90% probability hold a price between $44.54 and $65.20 at the end of this 3-month period.
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 $47.57 and $41.45. 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 70.40%. 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 $46.91 and $42.62.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 $46.91. If this is broken, then the next support from accumulated volume will be at $42.62 and $42.34.
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 $3.29 between high and low, or 6.51%. For the last week, the stock has had a daily average volatility of 5.02%.
NIO Inc. 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.Check full NIO Inc. forecast and analysis here.