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The Tesla stock price gained 0.95% on the last trading day (Wednesday, 5th Jul 2023), rising from $279.82 to $282.48. It has now gained 6 days in a row. It is not often that stocks manage to gain so many days in a row, and falls for a day or two should be expected. During the last trading day the stock fluctuated 2.25% from a day low at $277.60 to a day high of $283.85. The price has risen in 7 of the last 10 days and is up by 2.93% 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, 12 million more shares were traded than the day before. In total, 130 million shares were bought and sold for approximately $36.78 billion.
Wedbush is very positive about TSLA. The price target was set to 225 (Feb 06, 2023).
The stock lies in the middle of a wide and strong rising trend in the short term and a further rise within the trend is signaled.Given the current short-term trend, the stock is expected to rise 63.59% during the next 3 months and, with a 90% probability hold a price between $397.70 and $480.07 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 $261.30 and $226.69. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Monday, June 26, 2023, and so far it has risen 17.19%. 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 $259.46 and $244.40.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 $259.46. If this is broken, then the next support from accumulated volume will be at $244.40 and $224.57.
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 $6.25 between high and low, or 2.25%. For the last week, the stock has had daily average volatility of 2.91%.
Since the Tesla has been rising for 6 days in a row, the risk over the next couple of days has increased. We don't expect a major reaction as the stock is in very good shape technically, and therefore hold a positive evaluation despite the very short term risk.
Several short-term signals, along with a general good trend, are positive and we conclude that the current level may hold a buying opportunity as there is a fair chance for Tesla stock to perform well in the short-term.
Check full Tesla forecast and analysis here.