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Green day on Monday for Tesla stock after gaining 3.83%

StockInvest.us, 1 month ago

Tesla

The Tesla stock price gained 3.83% on the last trading day (Monday, 23rd Aug 2021), rising from $680.26 to $706.30. , and 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 day the stock fluctuated 4.61% from a day low at $680.75 to a day high of $712.13. The price has fallen in 6 of the last 10 days and is down by -1.05% for this period. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 5 million more shares were traded than the day before. In total, 20 million shares were bought and sold for approximately $14.19 billion.

On August 17, 2021 "Sanford C. Bernstein" gave "$180.00 - $300.00" rating for TSLA. The price target was changed from $660.07 to 3.8%.

The stock lies in the middle of a wide and strong rising trend in the short term and a further rise within the trend is signaled.Given the current short-term trend, the stock is expected to rise 16.75% during the next 3 months and, with a 90% probability hold a price between $778.08 and $856.89 at the end of this 3-month period.

Tesla

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 $688.30 and $677.17. A breakdown below any of these levels will issue sell signals. 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 Thursday, August 12, 2021, and so far it has fallen -2.21%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 months Moving Average Convergence Divergence (MACD).

Tesla finds support from accumulated volume at $679.82 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 $31.38 between high and low, or 4.61%. For the last week, the stock has had a daily average volatility of 3.62%.

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.