Green day on Tuesday for TeslaStockInvest.us, 2 months ago
The Tesla stock price gained 2.51% on the last trading day (Tuesday, 27th Sep 2022), rising from $276.01 to $282.94. 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 4.02% from a day low at $277.51 to a day high of $288.67. The price has been going up and down for this period, and there has been a -3.15% 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, 4 million more shares were traded than the day before. In total, 62 million shares were bought and sold for approximately $17.41 billion.
Deutsche Bank is very positive about TSLA and gave it a "$375.00 - $400.00" rating on Sep 16, 2022. The price target was changed from 375 to 400.Over the last 90 days, this security got 14 buy, 10 sell, and 1 hold ratings.
The stock lies in the lower part of a wide and strong rising trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at $277.04 is broken, it will firstly indicate a slower rate of rising, but may also be an early warning for a trend shift.Given the current short-term trend, the stock is expected to rise 23.67% during the next 3 months and, with a 90% probability hold a price between $342.62 and $420.89 at the end of this 3-month period.
Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). 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 $291.64 and $292.33. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Monday, August 15, 2022, and so far it has fallen -8.53%. Further fall is indicated until a new bottom pivot has been found.
Tesla finds support from accumulated volume at $272.24 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 $11.16 between high and low, or 4.02%. For the last week, the stock has had daily average volatility of 4.64%.
The Tesla stock holds several negative signals and despite the positive trend, we believe Tesla will perform weakly in the next couple of days or weeks. Therefore, we hold a negative evaluation of this stock.Check full Tesla forecast and analysis here.