Evaluation of Tesla stock downgraded after the last trading session.

The Tesla stock price fell by -1.11% on the last day (Friday, 26th Apr 2024) from $170.18 to $168.29. During the last trading day the stock fluctuated 3.46% from a day low at $166.37 to a day high of $172.12. The price has fallen in 7 of the last 10 days and is down by -1.61% 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 -15 million shares and in total, 109 million shares were bought and sold for approximately $18.32 billion.

On Apr 25, 2024, it was reported that Deutsche Bank gave TSLA a "Hold" grade with a "hold" action.

The stock lies in the middle of a very wide and falling trend in the short term and further fall within the trend is signaled.Given the current short-term trend, the stock is expected to fall -18.25% during the next 3 months and, with a 90% probability hold a price between $114.04 and $145.27 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 $154.90 and $167.67. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Monday, April 22, 2024, and so far it has risen 18.47%. Further rise is indicated until a new top pivot has been found. Some negative signals were issued as well, and these may have some influence on the near short-term development. 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 $164.90 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 $5.75 between high and low, or 3.46%. For the last week, the stock has had daily average volatility of 5.28%.

Tesla holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, 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.