Green day on Thursday for Tesla stock after gaining 1.06%StockInvest.us, 3 weeks ago
The Tesla stock price gained 1.06% on the last trading day (Thursday, 8th Feb 2024), rising from $187.58 to $189.56. 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 3.25% from a day low at $185.58 to a day high of $191.62. The price has risen in 7 of the last 10 days and is up by 3.79% over the past 2 weeks. Volume fell on the last day by -28 million shares and in total, 83 million shares were bought and sold for approximately $15.68 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 Feb 05, 2024, it was reported that Piper Sandler gave TSLA a "Overweight" grade with a "hold" action.
The stock lies in the lower of a very wide and falling trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at $178.61 is broken, it will firstly indicate a stronger fall rate.Given the current short-term trend, the stock is expected to fall -17.31% during the next 3 months and, with a 90% probability hold a price between $147.69 and $196.61 at the end of this 3-month period.
A buy signal was issued from a pivot bottom point on Monday, February 05, 2024, and so far it has risen 4.69%. Further rise is indicated until a new top pivot has been found. 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. The Tesla stock holds a buy signal from the short-term Moving Average; at the same time, however, the long-term average holds a general sell signal. Since the longterm average is above the short-term average there is a general sell signal in the stock giving a more negative forecast for the stock. On further gains, the stock will meet resistance from the long-term Moving Average at $219.71. On a fall, the stock will find some support from the short-term average at $186.77. A break-up through the long-term average will give another buy signal, while a fall below the short-term average will add another sell signal and strengthen the general signal.
Tesla finds support from accumulated volume at $185.10 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 $6.04 between high and low, or 3.25%. For the last week, the stock has had daily average volatility of 4.33%.
Tesla holds several negative signals and we believe that 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.