Evaluation of Tesla stock downgraded after the last trading session.

StockInvest.us, 1 month ago

Tesla

The Tesla stock price fell by -2.08% on the last day (Monday, 10th Jun 2024) from $177.48 to $173.79. During the last trading day the stock fluctuated 3.12% from a day low at $173.17 to a day high of $178.57. The price has fallen in 7 of the last 10 days and is down by -3.04% 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 -5 million shares and in total, 50 million shares were bought and sold for approximately $8.77 billion.

On Jun 10, 2024, it was reported that Bernstein gave TSLA a "Underperform" grade with a "hold" action.

The stock lies in the middle of a very wide and weak 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 4.44% during the next 3 months and, with a 90% probability hold a price between $153.10 and $206.71 at the end of this 3-month period.

Tesla

There are few to no technical positive signals at the moment. The Tesla stock holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. On corrections up, there will be some resistance from the lines at $176.19 and $174.83. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Monday, April 29, 2024, and so far it has fallen -10.44%. 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.

On the downside, the stock finds support just below today's level from accumulated volume at $164.90 and $162.50.There is a 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 $164.90. If this is broken, then the next support from accumulated volume will be at $162.50 and $162.13.

This stock is usually traded at a good volume, and with minor daily changes, the risk is considered to be low. During the last day, the stock moved $5.40 (3.12%) between high and low. For the last week, the stock has had daily average volatility of 2.76%.

The Tesla stock holds several negative signals and despite the positive trend, we believe Tesla will perform weakly in the next couple of days or weeks. Therefore, we 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.