Evaluation of Tesla stock downgraded after the last trading session

The Tesla stock price gained 1.71% on the last trading day (Tuesday, 24th Sep 2024), rising from $250.00 to $254.27. During the last trading day the stock fluctuated 3.27% from a day low at $249.05 to a day high of $257.19. The price has risen in 7 of the last 10 days and is up by 12.42% 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, 2 million more shares were traded than the day before. In total, 86 million shares were bought and sold for approximately $21.98 billion.

On Sep 24, 2024, it was reported that Piper Sandler gave TSLA a "Overweight" grade with a "hold" action.

The stockis at the upper part of a very wide and horizontal trend and normally this may pose a good selling opportunity but a break-up through the top trend line at $259.08 will give a strong buy signal and a trend shift could be expected.Given the current horizontal trend, you can expect Tesla stock with a 90% probability to be traded between $185.60 and $254.21 at the end of this 3-month period. A break of a horizontal trend is often followed by a large increase in the volume, and stock seldom manage to go directly from the bottom of a trend up to the top. Stock turning up in the middle of a horizontal trend are therefore considered to be potential runners. 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.

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 $238.33 and $218.42. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Wednesday, August 07, 2024, and so far it has risen 32.60%. 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.

On the downside, the stock finds support just below today's level from accumulated volume at $241.03 and $231.26.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 $241.03. If this is broken, then the next support from accumulated volume will be at $231.26 and $215.99.

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 $8.14 between high and low, or 3.27%. For the last week, the stock has had daily average volatility of 3.82%.

Several short-term signals 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 period.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.