Evaluation of Tesla stock downgraded after the last trading session.StockInvest.us, 1 month ago
The Tesla stock price fell by -2.05% on the last day (Friday, 19th Aug 2022) from $908.61 to $890.00. and has now fallen 5 days in a row. During the last trading day the stock fluctuated 2.69% from a day low at $877.50 to a day high of $901.08. The price has fallen in 6 of the last 10 days, but is still up by 2.95% over the past 2 weeks. Volume has increased on the last day by 5 million shares but on falling prices. This may be an early warning and the risk will be increased slightly over the next couple of days. In total, 20 million shares were bought and sold for approximately $18.15 billion.
Citigroup is very positive about TSLA and gave it a "$375.00 - $424.00" rating on Aug 02, 2022. The price target was changed from 375 to 424.Over the last 90 days, this security got 13 buy, 12 sell, and 0 hold ratings.
The stock lies in the middle of a 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 35.59% during the next 3 months and, with a 90% probability hold a price between $1099.78 and $1279.90 at the end of this 3-month period.
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 $902.60. On a fall, the stock will find some support from the long-term average at approximately $814.64. 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. 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, August 15, 2022, and so far it has fallen -4.09%. 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 rose on falling prices yesterday. This may be an early warning and the stock should be followed more closely.
On the downside, the stock finds support just below today's level from accumulated volume at $815.12 and $711.11.There is natural risk involved when a stock is testing a support level, since if this is broken, the stock then may fall to the next support level. In this case, Tesla finds support just below today's level at $815.12. If this is broken, then the next support from accumulated volume will be at $711.11 and $699.00.
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 $23.58 between high and low, or 2.69%. For the last week, the stock has had a daily average volatility of 3.06%.
Tesla holds several negative signals and this should be a sell candidate, but due to the general chance for a turnaround situation it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development.Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Hold/Accumulate candidate.Check full Tesla forecast and analysis here.