Evaluation of Tesla stock downgraded after the last trading session

The Tesla stock price gained 0.146% on the last trading day (Monday, 9th Dec 2024), rising from $389.22 to $389.79. 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 7.09% from a day low at $378.01 to a day high of $404.80. The price has risen in 6 of the last 10 days and is up by 10.56% 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, 18 million more shares were traded than the day before. In total, 94 million shares were bought and sold for approximately $36.70 billion.

On Nov 29, 2024, it was reported that Wedbush gave TSLA a "Outperform" grade with a "hold" action.

The stock lies in the upper part of a very wide and strong rising 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 $394.93 will firstly indicate a stronger rate of rising.Given the current short-term trend, the stock is expected to rise 60.57% during the next 3 months and, with a 90% probability hold a price between $464.56 and $634.14 at the end of this 3-month period.

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 $365.73 and $308.26. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Thursday, November 14, 2024, and so far it has risen 25.26%. Further rise is indicated until a new top pivot has been found. Volume is rising along with the price. This is considered to be a good technical signal. 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).

On the downside, the stock finds support just below today's level from accumulated volume at $350.00 and $328.64.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 $350.00. If this is broken, then the next support from accumulated volume will be at $328.64 and $321.22.

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 $26.79 between high and low, or 7.09%. For the last week, the stock has had daily average volatility of 4.28%.

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.