Nikola Stock Forecast
Volatile ride for Nikola stock price on Tuesday moving between $7.25 and $9.35
(Updated on Jul 02, 2024)
The Nikola stock price gained 8.65% on the last trading day (Tuesday, 2nd Jul 2024), rising from $7.40 to $8.04. During the last trading day the stock fluctuated 28.96% from a day low at $7.25 to a day high of $9.35. The price has fallen in 6 of the last 10 days but is still up by 1537.14% 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 million more shares were traded than the day before. In total, 12 million shares were bought and sold for approximately $96.37 million.
The stock lies in the middle of a very wide and strong rising trend in the short term and a further rise within the trend is signaled. Given the current short-term trend, the stock is expected to rise 56.82% during the next 3 months and, with a 90% probability hold a price between $1.11 and $15.93 at the end of this 3-month period.
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NKLA Signals & Forecast
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 $7.40 and $1.89. 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). 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. A sell signal was issued from a pivot top point on Wednesday, June 26, 2024, and so far it has fallen -18.95%. Further fall is indicated until a new bottom pivot has been found.
Support, Risk & Stop-loss for Nikola stock
On the downside, the stock finds support just below today's level from accumulated volume at $7.40. With no support from accumulated volume below today's level the risk is increased, as a drop below the support at $ may give a huge drop in the stock price.
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 $2.10 between high and low, or 28.96%. For the last week, the stock has had daily average volatility of 16.98%.
Our recommended stop-loss: $7.60 (-5.42%) (This stock has very high daily movements and this gives very high risk. The RSI14 is 79 and this increases the risk substantially. There is a sell signal from a pivot top found 8 days ago.)
Trading Expectations (NKLA) For The Upcoming Trading Day Of Wednesday 3rd
For the upcoming trading day on Wednesday, 3rd we expect Nikola Corporation to open at $8.21, and during the day (based on 14 day Average True Range), to move between $7.09 and $8.99, which gives a possible trading interval of +/-$0.95 (+/-11.86%) up or down from last closing price. If Nikola Corporation takes out the full calculated possible swing range there will be an estimated 23.72% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $8.19 (1.87%) than the support at $7.40 (7.96%), 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 Nikola Corporation stock A Buy?
Several short-term signals, along with a general good trend, are positive and we conclude that the current level may hold a buying opportunity as there is a fair chance for Nikola stock to perform well in the short-term.
Current score: 4.357 Buy Candidate Unchanged
Predicted Opening Price for Nikola Corporation of Wednesday, July 3, 2024
Fair opening price July 3, 2024 | Current price |
---|---|
$8.21 ( 2.16%) | $8.04 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for NKLA
Fibonacci Support & Resistance Levels
Level | Price | |
---|---|---|
R3 | 10.31 | 28.27% |
R2 | 9.51 | 18.30% |
R1 | 9.02 | 12.13% |
Price | 8.04 | |
S1 | 7.41 | -7.82% |
S2 | 6.92 | -13.99% |
S3 | 6.11 | -23.96% |
Accumulated Volume Support & Resistance Levels
Level | Price | |
---|---|---|
R3 | 9.92 | 23.38% |
R2 | 8.55 | 6.34% |
R1 | 8.19 | 1.87% |
Price | 8.04 | |
S1 | 7.40 | -7.96% |
S2 | 0 | - |
S3 | 0 | - |
FAQ
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