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A very red day for Tesla stock price after a -5.55% fall in the Tuesday trading session

StockInvest.us, 1 month ago


The Tesla stock price fell by -5.55% on the last day (Tuesday, 30th Apr 2024) from $194.05 to $183.28. During the last trading day the stock fluctuated 4.44% from a day low at $182.84 to a day high of $190.95. The price has fallen in 6 of the last 10 days but is still up by 16.66% over the past 2 weeks. Volume fell on the last day along with the stock, which is actually a good sign as volume should follow the stock. On the last day, the trading volume fell by -116 million shares and in total, 126 million shares were bought and sold for approximately $23.04 billion.

On Apr 30, 2024, it was reported that Bank of America Securities gave TSLA a "Buy" grade with a "hold" action.

The stock lies the upper part of a very wide and falling trend in the short term, and this may normally pose a very good selling opportunity for the short-term trader as reaction back towards the lower part of the trend can be expected. A break up at the top trend line at $193.48 will firstly indicate a slower falling rate, but may be the first sign of a trend shift.Given the current short-term trend, the stock is expected to fall -15.40% during the next 3 months and, with a 90% probability hold a price between $117.30 and $163.69 at the end of this 3-month period. Do note, that if the stock price manages to stay at current levels or higher, our prediction target will start to change positively over the next few days as the conditions for the current predictions will be broken.


The Tesla stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock, but the stock has a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections down, there will be some support from the lines at $166.38 and $168.36. A breakdown below any of these levels will issue sell signals. 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 Monday, April 29, 2024, and so far it has fallen -5.55%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). Volume fell together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements.

Tesla finds support from accumulated volume at $181.06 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 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 $8.11 between high and low, or 4.44%. For the last week, the stock has had daily average volatility of 6.04%.

Tesla 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.Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Sell candidate.

Check full Tesla forecast and analysis here.