Nikola Stock Forecast
High volatility in Nikola stock price on Friday which ended trading at $0.643
(Updated on Apr 26, 2024)
The Nikola stock price gained 7.23% on the last trading day (Friday, 26th Apr 2024), rising from $0.600 to $0.643. During the last trading day the stock fluctuated 12.13% from a day low at $0.581 to a day high of $0.652. The price has fallen in 6 of the last 10 days and is down by -8.13% for this period. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 20 million more shares were traded than the day before. In total, 73 million shares were bought and sold for approximately $47.11 million.
The stock lies in the lower part of a very wide and weak rising trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at $0.601 is broken, it will firstly indicate a slower rate of rising, but may also be an early warning for a trend shift. Given the current short-term trend, the stock is expected to rise 3.54% during the next 3 months and, with a 90% probability hold a price between $0.622 and $1.09 at the end of this 3-month period.
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NKLA Signals & Forecast
A buy signal was issued from a pivot bottom point on Thursday, April 25, 2024, and so far it has risen 7.23%. 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. The Nikola stock 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 stock giving a more negative forecast for the stock. On further gains, the stock will meet resistance from the long-term Moving Average at $0.749. On a fall, the stock will find some support from the short-term average at $0.633. 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. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).
A buy signal from a double bottom formation was found on Thursday, April 25, 2024 and based on theory for this formation the price should go up by 87.58% to $1.21 within 29 trading days since signal was issued (Monday, April 29, 2024).
Support, Risk & Stop-loss for Nikola stock
Nikola finds support from accumulated volume at $0.620 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
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 $0.0705 between high and low, or 12.13%. For the last week, the stock has had daily average volatility of 6.70%.
Nikola is oversold on RSI14 (15). Some stocks may fall long and hard while being oversold on RSI, but stocks that are heavily oversold on RSI often pose good re-bounce chance and played well it can be a buy candidate.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (NKLA) For The Upcoming Trading Day Of Monday 29th
For the upcoming trading day on Monday, 29th we expect Nikola Corporation to open at $0.625, and during the day (based on 14 day Average True Range), to move between $0.572 and $0.715, which gives a possible trading interval of +/-$0.0712 (+/-11.06%) up or down from last closing price. If Nikola Corporation takes out the full calculated possible swing range there will be an estimated 22.13% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $0.620 (3.64%) than the resistance at $0.706 (9.65%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Nikola Corporation stock A Buy?
Nikola 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 stock.
Current score: -1.581 Sell Candidate Unchanged
Predicted Opening Price for Nikola Corporation of Monday, April 29, 2024
| Fair opening price April 29, 2024 | Current price |
|---|---|
| $0.625 ( 2.79%) | $0.643 |
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 | |||
|---|---|---|---|---|
| Resistance | R3 | 0.696 | 8.16 % | |
| R2 | 0.669 | 3.98 % | ||
| R1 | 0.652 | 1.39 % | ||
| Current price: | 0.643 | |||
| Support | S1 | 0.599 | -6.98 % | |
| S2 | 0.582 | -9.56 % | ||
| S3 | 0.555 | -13.75 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.744 | 15.57 % | |
| R2 | 0.717 | 11.44 % | ||
| R1 | 0.706 | 9.65 % | ||
| Current price | 0.643 | |||
| Support | S1 | 0.620 | -3.64% | |
| S2 | 0.603 | -6.26% | ||
| S3 | 0.600 | -6.75% |
FAQ
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