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Green day on Monday for Tesla

StockInvest.us, 3 months ago


The Tesla stock price gained 0.82% on the last trading day (Monday, 11th Oct 2021), rising from $785.49 to $791.94. During the day the stock fluctuated 2.00% from a day low at $785.50 to a day high of $801.24. The price has been going up and down for this period, and there has been a 0.07% gain for the last 2 weeks. Volume fell on the last day by -3 million shares and in total, 14 million shares were bought and sold for approximately $11.18 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 Oct 08, 2021 "Canaccord Genuity" gave "$768.00 - $940.00" rating for TSLA. The price target was set to $793.61+1.4%.

The stock lies in the upper part of a 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 $798.07 will firstly indicate a stronger rate of rising.Given the current short-term trend, the stock is expected to rise 21.75% during the next 3 months and, with a 90% probability hold a price between $913.58 and $971.65 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 $784.45 and $752.28. A breakdown below any of these levels will issue sell signals. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). 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. A sell signal was issued from a pivot top point on Thursday, October 07, 2021, and so far it has fallen -0.21%. Further fall is indicated until a new bottom pivot has been found.

Tesla finds support from accumulated volume at $781.53 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.

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 $15.74 (2.00%) between high and low. For the last week, the stock has had a daily average volatility of 2.29%.

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.

Check full Tesla forecast and analysis here.