Evaluation of Tesla stock downgraded after the last trading session.

StockInvest.us, 3 weeks ago


The Tesla stock price gained 0.233% on the last trading day (Friday, 28th Jun 2024), rising from $197.42 to $197.88. It has now gained 4 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 4.07% from a day low at $195.26 to a day high of $203.20. The price has risen in 6 of the last 10 days and is up by 8.45% over the past 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 23 million more shares were traded than the day before. In total, 95 million shares were bought and sold for approximately $18.74 billion.

On Jun 25, 2024, it was reported that New Street gave TSLA a "Buy" grade with a "hold" action.

The stock lies in the middle of a very 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 12.30% during the next 3 months and, with a 90% probability hold a price between $179.08 and $235.40 at the end of this 3-month period.


Mostly positive signals in the chart today. The Tesla stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock. Also, there is a general buy signal from the relation between the two signals where the short-term average is above the long-term average. On corrections down, there will be some support from the lines at $189.45 and $179.51. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Friday, May 10, 2024, and so far it has risen 17.46%. 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 is rising along with the price. This is considered to be a good technical signal.

Tesla finds support from accumulated volume at $194.05 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 $7.94 between high and low, or 4.07%. For the last week, the stock has had daily average volatility of 3.80%.

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.