NIO/GBP Currency Pair Forecast
Stronger technical forecast for NIO/GBP currency pair price after Thursday trading.
(Updated on May 16, 2024)
The NIO/GBP currency pair price gained 0.134% on the last trading day (Thursday, 16th May 2024), rising from £0.0214 to £0.0215. During the last trading day the currency pair fluctuated 0.767% from a day low at £0.0214 to a day high of £0.0216. The price has fallen in 6 of the last 10 days and is down by -0.88% for this period. Volume fell on the last day by -8 thousand shares and in total, 134 thousand shares were bought and sold for approximately £2.87 thousand. You should take into consideration that falling volume on higher prices causes divergence and may be an early warning about possible changes over the next couple of days.
The currency pair is at the lower part of a narrow and horizontal trend in the short term, and normally this may pose a good buying opportunity, though a breakdown through the bottom trend line at £0.0214 will give a strong sell signal and a trend shift may be expected. Given the current horizontal trend, you can expect NIO/GBP currency pair with a 90% probability to be traded between £0.0219 and £0.0226 at the end of this 3-month period. A break of a horizontal trend is often followed by a large increase in the volume, and currency pairs seldom manage to go directly from the bottom of a trend up to the top. Currency pairs turning up in the middle of a horizontal trend are therefore considered to be potential runners.
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NIOGBP Signals & Forecast
The NIO/GBP currency pair holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. Also, there is a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections up, there will be some resistance from the lines at £0.0216 and £0.0217. A break-up above any of these levels will issue buy signals. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). Volume fell during the last trading day while the price increased. This causes a divergence and may be considered as an early warning, but it may not be. The very low volume increases the risk and reduces the other technical signals issued. Some positive signals were issued as well, and these may have some influence on the near short-term development. A buy signal was issued from a pivot bottom point on Wednesday, May 15, 2024, and so far it has risen 0.134%. Further rise is indicated until a new top pivot has been found.
A sell signal from a double top formation was found on Sunday, April 21, 2024 and based on theory for this formation the price should fall by -2.05% to £0.0210 within 17 trading days since signal was issued (Friday, May 17, 2024).
Support, Risk & Stop-loss for NIO/GBP currency pair
NIO/GBP finds support from accumulated volume at £0.0214 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
In general the currency pair tends to have very controlled movements and therefore the general risk is considered very low. However, be aware of low or falling volume and make sure to keep an eye on the currency pair During the last day, the currency pair moved £0.0002 between high and low, or 0.767%. For the last week the currency pair has had daily average volatility of 0.672%
Our recommended stop-loss: £0.0202 (-5.71%) (This currency pair has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 1 day ago.)
Trading Expectations (NIOGBP) For The Upcoming Trading Day Of Friday 17th
For the upcoming trading day on Friday, 17th we expect NIO/GBP to open at £0.0215, and during the day (based on 14 day Average True Range), to move between £0.0213 and £0.0216, which gives a possible trading interval of +/-£0.0002 (+/-0.77%) up or down from last closing price. If NIO/GBP takes out the full calculated possible swing range there will be an estimated 1.54% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at £0.0214 (0.14%) than the resistance at £0.0216 (0.40%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is NIO/GBP currency pair A Buy?
Several of the signals/indicators are negative, and we believe that this will affect on the development for the next days and maybe possible weeks. However, over time, we think that today's level holds a possible buying opportunity and that the price will be higher during or at the end of this 3-month period. We have upgraded our analysis conclusion for this currency pair since the last evaluation from a Sell to a Buy candidate.
Current score: 1.848 Buy Candidate Upgraded
Predicted Opening Price for NIO/GBP of Friday, May 17, 2024
| Fair opening price May 17, 2024 | Current price |
|---|---|
| £0.0215 ( 0.0828%) | £0.0215 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for NIOGBP
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.0217 | 0.85 % | |
| R2 | 0.0216 | 0.555 % | ||
| R1 | 0.0216 | 0.375 % | ||
| Current price: | 0.0215 | |||
| Support | S1 | 0.0214 | -0.209 % | |
| S2 | 0.0214 | -0.390 % | ||
| S3 | 0.0213 | -0.682 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.0219 | 1.84 % | |
| R2 | 0.0219 | 1.84 % | ||
| R1 | 0.0216 | 0.397 % | ||
| Current price | 0.0215 | |||
| Support | S1 | 0.0214 | -0.136% | |
| S2 | 0.0213 | -0.788% | ||
| S3 | 0.0211 | -1.56% |
FAQ
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