14-day Premium Trial Subscription Sign Up For FreeGet Free

Evaluation of Tesla stock downgraded after the last trading session.

StockInvest.us, 1 month ago

Tesla

The Tesla stock price fell by -3.86% on the last day (Monday, 20th Sep 2021) from $759.49 to $730.17. During the day the stock fluctuated 3.25% from a day low at $718.62 to a day high of $742.00. The price has risen in 8 of the last 10 days, but is still down by -0.46% for this period. 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 -4 million shares and in total, 24 million shares were bought and sold for approximately $17.82 billion.

On August 23, 2021 "Morgan Stanley" gave "C$900.00" rating for TSLA. The price target was set to $706.30+3.8%.

The stock lies in the middle of a 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 15.97% during the next 3 months and, with a 90% probability hold a price between $816.39 and $882.71 at the end of this 3-month period.

Tesla

The Tesla stock holds a sell signal from the short-term moving average; at the same time, however, there is a buy signal from the long-term average. Since the short-term average is above the long-term average there is a general buy signal in the stock giving a positive forecast for the stock. On further gains, the stock will meet resistance from the short-term moving average at approximately $746.61. On a fall, the stock will find some support from the long-term average at approximately $720.09. A break-up through the short-term average will send a buy signal, whereas a breakdown through the long-term average will send a sell signal. Furthermore, there is a buy signal from the 3 months Moving Average Convergence Divergence (MACD). 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 Friday, September 17, 2021, and so far it has fallen -3.86%. Further fall is indicated until a new bottom pivot has been found. 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 $709.67 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.

This stock has average movements during the day and with good trading volume, the risk is considered to be medium. During the last day, the stock moved $23.38 between high and low, or 3.25%. For the last week, the stock has had a daily average volatility of 2.24%.

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 Tesla stock to perform well in the short-term.Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Strong Buy to a Buy candidate.

Check full Tesla forecast and analysis here.