Evaluation of Tesla stock downgraded after the last trading session.StockInvest.us, 1 month ago
The Tesla stock price gained 1.79% on the last trading day (Thursday, 1st Dec 2022), rising from $190.49 to $193.90. It has now gained 3 days in a row. It will be exciting to see whether it manages to continue gaining or take a minor break for the next few days. During the last trading day the stock fluctuated 3.71% from a day low at $191.80 to a day high of $198.92. The price has fallen in 6 of the last 10 days but is still up by 4.03% over the past 2 weeks. Volume fell on the last day by -9 million shares and in total, 72 million shares were bought and sold for approximately $14.01 billion. You should take into consideration that falling volume on higher prices causes divergence and may be an early warning about possible changes over the next couple of days.
Citigroup is very positive about TSLA and gave it a "$141.33 - $176.00" rating on Nov 23, 2022. The price target was changed from 141.33 to 176.Over the last 90 days, this security got 4 buy, 10 sell, and 1 hold ratings.
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 $197.69 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 -40.58% during the next 3 months and, with a 90% probability hold a price between $90.79 and $117.47 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.
A buy signal was issued from a pivot bottom point on Monday, November 21, 2022, and so far it has risen 15.40%. Further rise is indicated until a new top pivot has been found. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Volume fell during the last trading day despite gaining prices. This causes a divergence between volume and price and it may be an early warning. The stock should be watched closely. Some negative signals were issued as well, and these may have some influence on the near short-term development. The Tesla 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 $201.49. On a fall, the stock will find some support from the short-term average at $183.24. 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.
Tesla finds support from accumulated volume at $191.30 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 $7.12 between high and low, or 3.71%. For the last week, the stock has had daily average volatility of 4.29%.
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.