Stronger technical forecast for NIO stock price after Thursday trading
StockInvest.us, 1 month ago
The NIO stock price gained 2.30% on the last trading day (Thursday, 26th Sep 2024), rising from $5.65 to $5.78. During the last trading day the stock fluctuated 8.87% from a day low at $5.70 to a day high of $6.20. The price has risen in 6 of the last 10 days and is up by 9.47% 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, 66 million more shares were traded than the day before. In total, 136 million shares were bought and sold for approximately $788.80 million.
On Sep 06, 2024, it was reported that Piper Sandler gave NIO a "Overweight" grade with a "upgrade" action.
The stock lies in the upper part of a very wide and strong rising trend in the short term, and this may normally pose a very good selling opportunity for the short-term trader as reaction back towards the lower part of the trend can be expected. A break-up at the top trend line at $5.97 will firstly indicate a stronger rate of rising.Given the current short-term trend, the stock is expected to rise 16.83% during the next 3 months and, with a 90% probability hold a price between $4.64 and $6.97 at the end of this 3-month period.
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 $5.48 and $4.61. A breakdown below any of these levels will issue sell signals. 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. A sell signal was issued from a pivot top point on Wednesday, August 07, 2024, and so far it has risen 57.49%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).
NIO finds support from accumulated volume at $5.57 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 $0.505 between high and low, or 8.87%. For the last week, the stock has had daily average volatility of 7.28%.
Several short-term signals, along with a general good trend, are positive and we conclude that the current level may hold a buying opportunity as there is a fair chance for NIO stock to perform well in the short-term.We have upgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Buy candidate.
Check full NIO forecast and analysis here.