Volatile ride for NIO stock price on Monday moving between $9.79 and $10.83

The NIO stock price gained 7.91% on the last trading day (Monday, 10th Jul 2023), rising from $9.99 to $10.78. During the last trading day the stock fluctuated 10.57% from a day low at $9.79 to a day high of $10.83. The price has risen in 7 of the last 10 days and is up by 27.88% 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, 34 million more shares were traded than the day before. In total, 84 million shares were bought and sold for approximately $906.28 million.

UBS is very positive about NIO. The price target was set to 13 (Nov 17, 2022).

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 $10.04, a level that may pose a second chance to hit a runner. According to fan-theory $12.22 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 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 $9.95 and $8.68. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Monday, June 26, 2023, and so far it has risen 28.33%. 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 month Moving Average Convergence Divergence (MACD).

On the downside, the stock finds support just below today's level from accumulated volume at $9.79 and $8.79.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, NIO finds support just below today's level at $9.79. If this is broken, then the next support from accumulated volume will be at $8.79 and $8.40.

This stock may move much during the day (volatility) and with a large prediction interval from the Bollinger Band this stock is considered to be "high risk". During the last day, the stock moved $1.04 between high and low, or 10.57%. For the last week, the stock has had daily average volatility of 6.71%.

Several short-term signals are positive and the stock has broke the rising trend up, which indicates an even stronger rate of rising. 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 period.We have upgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Strong Buy candidate.