Volatile ride for Nikola stock price on Friday moving between $1.53 and $1.70StockInvest.us, 2 months ago
The Nikola stock price fell by -4.85% on the last day (Friday, 29th Sep 2023) from $1.65 to $1.57. During the last trading day the stock fluctuated 11.11% from a day low at $1.53 to a day high of $1.70. The price has been going up and down for this period, and there has been a 31.93% gain for the last 2 weeks. Volume has increased on the last day by 4 million shares but on falling prices. This may be an early warning and the risk will be increased slightly over the next couple of days. In total, 74 million shares were bought and sold for approximately $116.82 million.
On Sep 14, 2022, it was reported that B. Riley gave NKLA a "Buy" grade with a "initialise" action.
The stock lies in the middle of a very wide and falling trend in the short term and further fall within the trend is signaled.Given the current short-term trend, the stock is expected to fall -25.93% during the next 3 months and, with a 90% probability hold a price between $0.277 and $2.06 at the end of this 3-month period.
The Nikola 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 $1.46 and $1.38. A breakdown below any of these levels will issue sell signals. 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. A sell signal was issued from a pivot top point on Thursday, August 03, 2023, and so far it has fallen -53.76%. Further fall is indicated until a new bottom pivot has been found. Volume rose on falling prices yesterday. This may be an early warning and the stock should be followed more closely.
On the downside, the stock finds support just below today's level from accumulated volume at $1.40 and $1.30.There is a 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, Nikola finds support just below today's level at $1.40. If this is broken, then the next support from accumulated volume will be at $1.30 and $1.19.
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 $0.170 between high and low, or 11.11%. For the last week, the stock has had daily average volatility of 13.76%.
Nikola 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.Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Sell candidate.Check full Nikola forecast and analysis here.