Green day on Tuesday for Tesla

The Tesla stock price gained 0.66% on the last trading day (Tuesday, 31st Aug 2021), rising from $730.91 to $735.72. , and has now gained 4 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 1.92% from a day low at $726.44 to a day high of $740.39. The price has risen in 8 of the last 10 days and is up by 10.52% over the past 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 2 million more shares were traded than the day before. In total, 20 million shares were bought and sold for approximately $15.05 billion.

On August 23, 2021 "Morgan Stanley" gave "C$900.00" rating for TSLA. The price target was set to $706.30+3.8%.

The stock lies in the upper part of a 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 $745.40 will firstly indicate a stronger rate of rising.Given the current short-term trend, the stock is expected to rise 18.05% during the next 3 months and, with a 90% probability hold a price between $806.60 and $879.95 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 $715.10 and $686.63. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Tuesday, August 17, 2021, and so far it has risen 10.52%. 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 months Moving Average Convergence Divergence (MACD).

Tesla finds support from accumulated volume at $709.67 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.

This stock is usually traded at a good volume, and with minor daily changes, the risk is considered to be low. During the last day, the stock moved $13.95 (1.92%) between high and low. For the last week, the stock has had a daily average volatility of 2.14%.

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.