NIO/GBP Currency Pair Forecast
Green day on Friday for NIO/GBP currency pair after gaining 0.606%
(Updated on Jun 14, 2024)
The NIO/GBP currency pair price gained 0.606% on the last trading day (Friday, 14th Jun 2024), rising from £0.0213 to £0.0214. During the last trading day the currency pair fluctuated 1.41% from a day low at £0.0212 to a day high of £0.0215. The price has fallen in 5 of the last 10 days but is still up by 0.32% 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, 8 thousand more shares were traded than the day before. In total, 154 thousand shares were bought and sold for approximately £3.30 thousand.
The currency pair is moving within a narrow and horizontal trend and further movements within this trend can be expected. Given the current horizontal trend, you can expect NIO/GBP currency pair with a 90% probability to be traded between £0.0210 and £0.0216 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
A buy signal was issued from a pivot bottom point on Monday, June 03, 2024, and so far it has risen 0.792%. 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). NIO/GBP has increased volume and follows the last lift in the price. This is considered to be a technical positive sign as volume should follow the price-formation. The very low volume increases the risk and reduces the other technical signals issued. Some negative signals were issued as well, and these may have some influence on the near short-term development. The NIO/GBP currency pair holds a buy signal from the short-term Moving Average; at the same time, however, the long-term average holds a general sell signal. Since the longterm average is above the short-term average there is a general sell signal in the currency pair giving a more negative forecast for the stock. On further gains, the currency pair will meet resistance from the long-term Moving Average at £0.0215. On a fall, the currency pair will find some support from the short-term average at £0.0213. A break-up through the long-term average will give another buy signal, while a fall below the short-term average will add another sell signal and strengthen the general signal.
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 -1.80% to £0.0210 within 17 trading days since signal was issued (Monday, June 17, 2024).
Support, Risk & Stop-loss for NIO/GBP currency pair
NIO/GBP finds support from accumulated volume at £0.0213 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 with good liquidity the risk is considered very low in this stock. During the last day, the currency pair moved £0.0003 between high and low, or 1.41%. For the last week the currency pair has had daily average volatility of 1.17%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (NIOGBP) For The Upcoming Trading Day Of Monday 17th
For the upcoming trading day on Monday, 17th we expect NIO/GBP to open at £0.0214, and during the day (based on 14 day Average True Range), to move between £0.0212 and £0.0216, which gives a possible trading interval of +/-£0.0002 (+/-0.85%) up or down from last closing price. If NIO/GBP takes out the full calculated possible swing range there will be an estimated 1.69% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at £0.0215 (0.27%) than the support at £0.0213 (0.52%), our systems don't find the trading risk/reward intra-day attractive and any bets should be held until the stock is closer to the support level.
Is NIO/GBP currency pair A Buy?
NIO/GBP 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 currency pair.
Current score: -1.280 Sell Candidate Unchanged
Predicted Opening Price for NIO/GBP of Monday, June 17, 2024
| Fair opening price June 17, 2024 | Current price |
|---|---|
| £0.0214 ( 0.306%) | £0.0214 |
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 | |
|---|---|---|
| R3 | 0.0216 | 1.09% |
| R2 | 0.0215 | 0.555% |
| R1 | 0.0215 | 0.226% |
| Price | 0.0214 | |
| S1 | 0.0212 | -0.84% |
| S2 | 0.0212 | -1.17% |
| S3 | 0.0211 | -1.70% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 0.0219 | 2.10% |
| R2 | 0.0219 | 2.10% |
| R1 | 0.0215 | 0.273% |
| Price | 0.0214 | |
| S1 | 0.0213 | -0.523% |
| S2 | 0.0213 | -0.604% |
| S3 | 0.0213 | -0.747% |
FAQ
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