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Green day on Monday for Tesla

StockInvest.us, 1 month ago


The Tesla stock price gained 1.97% on the last trading day (Monday, 6th May 2024), rising from $181.19 to $184.76. It has now gained 3 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 2.94% from a day low at $182.20 to a day high of $187.56. The price has risen in 7 of the last 10 days and is up by 30.07% 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, 9 million more shares were traded than the day before. In total, 84 million shares were bought and sold for approximately $15.51 billion.

On May 02, 2024, it was reported that Cantor Fitzgerald gave TSLA a "Overweight" grade with a "initialise" action.

The stock lies the upper part of a very wide and falling 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 $191.52 will firstly indicate a slower falling rate, but may be the first sign of a trend shift.Given the current short-term trend, the stock is expected to fall -13.90% during the next 3 months and, with a 90% probability hold a price between $117.94 and $164.89 at the end of this 3-month period. 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.


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 $181.65 and $169.87. 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 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. A sell signal was issued from a pivot top point on Monday, April 29, 2024, and so far it has fallen -4.79%. Further fall is indicated until a new bottom pivot has been found.

Tesla finds support from accumulated volume at $183.28 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.

This stock may move much during the day (volatility) and with a large prediction interval from the Bollinger Band this stock is considered to be "high risk". During the last day, the stock moved $5.36 between high and low, or 2.94%. For the last week, the stock has had daily average volatility of 3.91%.

Tesla holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development.

Check full Tesla forecast and analysis here.