On Tuesday Tesla stock gained impressive 5.84%

The Tesla stock gained 5.84% on the last trading day (Tuesday, 3rd Nov 2020), rising from $400.51 to $423.90. , and 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 day the stock fluctuated 5.18% from a day low at $406.69 to a day high of $427.77. The price has risen in 6 of the last 10 days and is up by 0.46% 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, 5 million more shares were traded than the day before. In total, 34 million shares were bought and sold for approximately $14.34 billion.

On October 23, 2020 "Morgan Stanley" gave "Equal-Weight" rating for TSLA. The price target was set to $333.00 - $360.00.Over the last 30 days, this security got 2 buy, 11 sell and 7 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 20.63% during the next 3 months and, with a 90% probability hold a price between $439.32 and $683.29 at the end of this 3-month period.

There are mixed signals in the stock today. The Tesla stock holds a buy signal from the short-term moving average; at the same time, however, the long-term average holds a general sell signal. Since the long-term average is above the short-term average there is a general sales signal in the stock. On further gains, the stock will meet resistance from the long-term moving average at $424.25. On a fall, the stock will find some support from the short-term average at $410.61. A break-up through the long-term average will give another buy signal, while a fall below the short-term average will add another sales signal and strengthen the general signal. A sales signal was issued from a pivot top point on Monday, August 31, 2020, and so far it has fallen -14.93%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 months 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 $418.32.

This stock has average movements during a day and with good trading volume, the risk is considered to be medium. During the last day, the stock moved $21.08 between high and low, or 5.18%. For the last week, the stock has had daily average volatility of 4.48%.

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.