Green day on Friday for Tesla stock after gaining 0.146%StockInvest.us, 1 month ago
The Tesla stock price gained 0.146% on the last trading day (Friday, 19th Jan 2024), rising from $211.88 to $212.19. During the last trading day the stock fluctuated 2.71% from a day low at $207.56 to a day high of $213.19. The price has fallen in 7 of the last 10 days and is down by -10.82% for this period. Volume fell on the last day by -6 million shares and in total, 101 million shares were bought and sold for approximately $21.53 billion. You should take into consideration that falling volume on higher prices causes divergence and may be an early warning about possible changes over the next couple of days.
On Dec 17, 2023, it was reported that Wedbush gave TSLA a "Outperform" grade with a "hold" action.
The stock has broken the very wide and strong rising short-term trend down. This signalizes a slower rate of rising, but may also be an early warning about a possible trend shift. Due to the trend being broken there will now be resistance at the bottom line of the trend at $212.32. A reaction back to this level may hold a second chance to get out before further falls.
A buy signal was issued from a pivot bottom point on Thursday, January 18, 2024, and so far it has risen 0.146%. Further rise is indicated until a new top pivot has been found. Volume fell during the last trading day despite gaining prices. This causes a divergence between volume and price and it may be an early warning. The stock should be watched closely. Some negative signals were issued as well, and these may have some influence on the near short-term development. The Tesla stock holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. Also, there is a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections up, there will be some resistance from the lines at $219.94 and $240.12. A break-up above any of these levels will issue buy signals. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).
Tesla finds support from accumulated volume at $212.08 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 $5.63 between high and low, or 2.71%. For the last week, the stock has had daily average volatility of 3.54%.
Tesla is oversold on RSI14 (9). Some stocks may fall long and hard while being oversold on RSI, but stocks that are heavily oversold on RSI often pose good re-bounce chance and played well it can be a buy candidate.
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.Check full Tesla forecast and analysis here.