Volatile ride for Nikola stock price on Thursday moving between $2.86 and $3.71

The Nikola stock price gained 12.42% on the last trading day (Thursday, 3rd Aug 2023), rising from $3.02 to $3.40. During the last trading day the stock fluctuated 29.72% from a day low at $2.86 to a day high of $3.71. The price has risen in 6 of the last 10 days and is up by 38.57% 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, 70 million more shares were traded than the day before. In total, 160 million shares were bought and sold for approximately $541.69 million.

Given the current short-term trend, the stock is expected to rise 182.67% during the next 3 months and, with a 90% probability hold a price between $5.53 and $9.60 at the end of this 3-month period.

Mostly positive signals in the chart today. 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 $2.69 and $1.86. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Tuesday, June 06, 2023, and so far it has risen 526.27%. 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). Volume is rising along with the price. This is considered to be a good technical signal.

On the downside, the stock finds support just below today's level from accumulated volume at $3.12 and $2.67.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 $3.12. If this is broken, then the next support from accumulated volume will be at $2.67 and $2.59.

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 $0.85 between high and low, or 29.72%. For the last week, the stock has had daily average volatility of 16.06%.

Nikola 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.We have upgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Strong Buy candidate.