Green day on Thursday for Tesla stock after gaining 3.23%

The Tesla stock price gained 3.23% on the last trading day (Thursday, 5th Dec 2024), rising from $357.93 to $369.49. During the last trading day the stock fluctuated 4.42% from a day low at $359.51 to a day high of $375.41. The price has been going up and down for this period, and there has been a 8.03% gain 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, 33 million more shares were traded than the day before. In total, 79 million shares were bought and sold for approximately $29.36 billion.

On Nov 29, 2024, it was reported that Wedbush gave TSLA a "Outperform" grade with a "hold" action.

The stock lies in the upper part of a very wide and strong rising 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 $387.42 will firstly indicate a stronger rate of rising.Given the current short-term trend, the stock is expected to rise 55.76% during the next 3 months and, with a 90% probability hold a price between $435.63 and $603.43 at the end of this 3-month period.

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 $350.32 and $298.62. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Thursday, November 14, 2024, and so far it has risen 18.74%. 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. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).

On the downside, the stock finds support just below today's level from accumulated volume at $350.00 and $321.22.There is a natural risk involved when a stock is testing a support level, since if this is broken, the stock then may fall to the next support level. In this case, Tesla finds support just below today's level at $350.00. If this is broken, then the next support from accumulated volume will be at $321.22 and $288.53.

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 $15.90 between high and low, or 4.42%. For the last week, the stock has had daily average volatility of 3.01%.

Tesla holds several positive signals and is within a strong rising trend. As the old saying says, "Let the trend be your friend.'". We therefore consider it to be a good choice at these current levels and we are expecting further gains during the next 3 months.