On Tuesday, Tesla stock price gained an impressive 5.24%

The Tesla stock price gained 5.24% on the last trading day (Tuesday, 13th Aug 2024), rising from $197.49 to $207.83. During the last trading day the stock fluctuated 5.80% from a day low at $197.06 to a day high of $208.49. The price has been going up and down for this period, and there has been a -6.64% loss for the last 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 12 million more shares were traded than the day before. In total, 76 million shares were bought and sold for approximately $15.73 billion.

On Aug 05, 2024, it was reported that Morgan Stanley gave TSLA a "Overweight" grade with a "hold" action.

The stock lies in the lower part of a very wide and strong rising trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at $195.80 is broken, it will firstly indicate a slower rate of rising, but may also be an early warning for a trend shift.Given the current short-term trend, the stock is expected to rise 27.88% during the next 3 months and, with a 90% probability hold a price between $250.39 and $367.67 at the end of this 3-month period.

A buy signal was issued from a pivot bottom point on Wednesday, August 07, 2024, and so far it has risen 8.38%. Further rise is indicated until a new top pivot has been found. 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. 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 longterm average is above the short-term average there is a general sell signal in the stock giving a more negative forecast for the stock. On further gains, the stock will meet resistance from the long-term Moving Average at $225.50. On a fall, the stock will find some support from the short-term average at $199.35. A break-up through the long-term average will give another buy signal, while a fall below the short-term average will add another sell signal and strengthen the general signal. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).

On the downside, the stock finds support just below today's level from accumulated volume at $187.44 and $186.60.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 $187.44. If this is broken, then the next support from accumulated volume will be at $186.60 and $182.47.

This stock may move much during the day (volatility) and with a large prediction interval from the Bollinger Band this stock is considered to be "high risk". During the last day, the stock moved $11.43 between high and low, or 5.80%. For the last week, the stock has had daily average volatility of 4.38%.

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