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Green day on Thursday for Tesla stock after gaining 2.98%

StockInvest.us, 2 months ago

Tesla

The Tesla stock price gained 2.98% on the last trading day (Thursday, 21st Dec 2023), rising from $247.14 to $254.50. During the last trading day the stock fluctuated 2.51% from a day low at $248.56 to a day high of $254.80. The price has risen in 6 of the last 10 days and is up by 4.89% over the past 2 weeks. Volume fell on the last day by -15 million shares and in total, 109 million shares were bought and sold for approximately $27.71 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 Dec 17, 2023, it was reported that Wedbush gave TSLA a "Outperform" grade with a "hold" action.

The stockis at the upper part of a very wide and horizontal trend and normally this may pose a good selling opportunity but a break-up through the top trend line at $257.13 will give a strong buy signal and a trend shift could be expected.Given the current horizontal trend, you can expect Tesla stock with a 90% probability to be traded between $193.65 and $254.39 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. 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.

Tesla

There are mixed signals in the stock today. A sell signal was issued from a pivot top point on Tuesday, December 19, 2023, and so far it has fallen -1.06%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). 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 $250.68 and $236.64. A breakdown below any of these levels will issue sell signals. 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.

Tesla finds support from accumulated volume at $251.05 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 $6.24 between high and low, or 2.51%. For the last week, the stock has had daily average volatility of 3.02%.

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.