Is Tesla stock still a buy after falling -8.61% on Monday ?

StockInvest.us, 1 month ago

Tesla

The Tesla stock price fell by -8.61% on the last day (Monday, 3rd Oct 2022) from $265.25 to $242.40. It has now fallen 4 days in a row. During the last trading day the stock fluctuated 5.87% from a day low at $241.01 to a day high of $255.16. The price has fallen in 7 of the last 10 days and is down by -21.57% for this period. Volume has increased on the last day by 30 million shares but on falling prices. This may be an early warning and the risk will be increased slightly over the next couple of days. In total, 98 million shares were bought and sold for approximately $23.74 billion.

The last rating was given by Piper Sandler on Sep 29, 2022. The price target was changed from 360 to 340.Over the last 90 days, this security got 14 buy, 10 sell, and 1 hold ratings.

Given the current short-term trend, the stock is expected to rise 14.44% during the next 3 months and, with a 90% probability hold a price between $277.40 and $379.85 at the end of this 3-month period.

Tesla

There are few to no technical positive signals at the moment. 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 $271.14 and $289.46. 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 -21.63%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). Volume rose on falling prices yesterday. This may be an early warning and the stock should be followed more closely.

Tesla finds support from accumulated volume at $237.04 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 $14.15 between high and low, or 5.87%. For the last week, the stock has had daily average volatility of 5.15%.

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.