On Thursday Tesla stock price gained impressive 9.78%StockInvest.us, 2 months ago
The Tesla stock price gained 9.78% on the last trading day (Thursday, 21st Jul 2022), rising from $742.50 to $815.12. , and has now gained 8 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 day the stock fluctuated 7.22% from a day low at $764.60 to a day high of $819.80. The price has risen in 8 of the last 10 days and is up by 11.11% 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, 18 million more shares were traded than the day before. In total, 47 million shares were bought and sold for approximately $38.44 billion.
Canaccord Genuity is very positive about TSLA and gave it a "$801.00 - $815.00" rating on Jul 21, 2022. The price target was changed from 801 to 815.Over the last 90 days, this security got 13 buy, 15 sell, and 1 hold ratings.
The stock lies the upper part of a very wide and falling trend in the short term, and this may normally pose a very good selling opportunity for the short-term trader as reaction back towards the lower part of the trend can be expected. A break up at the top trend line at $826.45 will firstly indicate a slower falling rate, but may be the first sign of a trend shift.Given the current short-term trend, the stock is expected to fall -17.77% during the next 3 months and, with a 90% probability hold a price between $422.64 and $679.59 at the end of this 3-month period. Do note, that if the stock price manages to stay at current levels or higher, our prediction target will start to change positively over the next few days as the conditions for the current predictions will be broken.
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 $737.44 and $710.55. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Tuesday, May 24, 2022, and so far it has risen 29.76%. 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.
On the downside, the stock finds support just below today's level from accumulated volume at $728.00 and $711.11.There is 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 $728.00. If this is broken, then the next support from accumulated volume will be at $711.11 and $663.90.
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 $55.20 between high and low, or 7.22%. For the last week, the stock has had a daily average volatility of 4.37%.
The Tesla stock is overbought on RSI14 and lies in the upper part of the trend. Normally this may pose a good selling opportunity for the short-term trader, but some stocks may go long and hard while being overbought and the RSI is still moving upwards. Regardless, the high RSI together with the trend position increases the risk and higher daily movements (volatility) should be expected. A correction down in the nearby future seems very likely, and it is of great importance that the stock manages to break the trend before that occurs.Since the Tesla has been rising for 8 days in a row, the risk over the next couple of days has increased. As we cannot be certain with regards to the size of the reaction, we urge caution.
Tesla holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development.Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Hold/Accumulate candidate.Check full Tesla forecast and analysis here.