High volatility in Tesla stock price on Thursday which ended trading at $800.77

The Tesla stock price gained 4.81% on the last trading day (Thursday, 24th Feb 2022), rising from $764.04 to $800.77. During the day the stock fluctuated 14.64% from a day low at $700.00 to a day high of $802.48. The price has fallen in 6 of the last 10 days and is down by -14.08% for this period. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 14 million more shares were traded than the day before. In total, 45 million shares were bought and sold for approximately $35.84 billion.

On Feb 14, 2022 "Piper Sandler" gave "$1,300.00 - $1,350.00" rating for TSLA. The price target was set to $875.76+1.8%.

The stock lies in the lower of a very wide and falling trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at $760.32 is broken, it will firstly indicate a stronger fall rate.Given the current short-term trend, the stock is expected to fall -17.54% during the next 3 months and, with a 90% probability hold a price between $626.96 and $879.02 at the end of this 3-month period.

There are mixed signals in the stock today. 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 $852.21 and $939.21. A break-up above any of these levels will issue buy signals. A buy signal was issued from a pivot bottom point on Wednesday, February 23, 2022, and so far it has risen 4.81%. Further rise is indicated until a new top pivot has been found. 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.

Tesla finds support from accumulated volume at $764.04 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 $102.48 between high and low, or 14.64%. For the last week, the stock has had a daily average volatility of 8.47%.

Tesla holds several negative signals and we believe that it will still perform weakly in the next couple of days or weeks. We, therefore, hold a negative evaluation of this stock.We have upgraded our analysis conclusion for this stock since the last evaluation from a Strong Sell to a Sell candidate.