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Green day on Monday for Tesla stock after gaining 4.19%

StockInvest.us, 1 month ago

Tesla

The Tesla stock price gained 4.19% on the last trading day (Monday, 29th Jan 2024), rising from $183.25 to $190.93. During the last trading day the stock fluctuated 4.24% from a day low at $183.67 to a day high of $191.46. The price has been going up and down for this period, and there has been a -12.77% loss for the last 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 17 million more shares were traded than the day before. In total, 123 million shares were bought and sold for approximately $23.57 billion.

On Jan 25, 2024, it was reported that RBC Capital gave TSLA a "Negative" grade with a "initialise" action.

The stock is at the lower part of a very wide and horizontal trend in the short term, and normally this may pose a good buying opportunity, though a breakdown through the bottom trend line at $182.46 will give a strong sell signal and a trend shift may be expected.Given the current horizontal trend, you can expect Tesla stock with a 90% probability to be traded between $178.95 and $254.69 at the end of this 3-month period. A break of a horizontal trend is often followed by a large increase in the volume, and stocks seldom manage to go directly from the bottom of a trend up to the top. Stocks turning up in the middle of a horizontal trend are therefore considered to be potential runners.

Tesla

A buy signal was issued from a pivot bottom point on Thursday, January 25, 2024, and so far it has risen 4.54%. 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. 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 $199.25 and $232.86. 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 $183.25 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 $7.79 between high and low, or 4.24%. For the last week, the stock has had daily average volatility of 4.11%.

Tesla is oversold on RSI14 (14). 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.

Tesla holds several negative signals and is within a very wide and falling trend, so we believe it will still perform weakly in the next couple of days or weeks. We therefore hold a negative evaluation of this stock.

Check full Tesla forecast and analysis here.