On Friday Tesla stock price gained impressive 6.24%

The Tesla stock price gained 6.24% on the last trading day (Friday, 31st Mar 2023), rising from $195.28 to $207.46. 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 5.37% from a day low at $197.20 to a day high of $207.79. The price has risen in 7 of the last 10 days and is up by 15.17% 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, 60 million more shares were traded than the day before. In total, 169 million shares were bought and sold for approximately $35.15 billion.

Wedbush is very positive about TSLA and gave it a "" rating on Feb 06, 2023. The price target was set to 225.Over the last 90 days, this security got 3 buy, 0 sell, and 0 hold ratings.

The stock lies in the middle of a very 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 44.74% during the next 3 months and, with a 90% probability hold a price between $269.69 and $367.88 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 $194.32 and $193.48. A breakdown below any of these levels will issue sell signals. 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. A sell signal was issued from a pivot top point on Wednesday, February 15, 2023, and so far it has fallen -3.16%. Further fall is indicated until a new bottom pivot has been found.

On the downside, the stock finds support just below today's level from accumulated volume at $189.98 and $177.90.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 $189.98. If this is broken, then the next support from accumulated volume will be at $177.90 and $160.27.

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 $10.59 between high and low, or 5.37%. For the last week, the stock has had daily average volatility of 3.52%.

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.We have upgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Strong Buy candidate.