Red day on Friday for Tesla

StockInvest.us, 2 weeks ago

Tesla

The Tesla stock price fell by -0.503% on the last day (Friday, 2nd Feb 2024) from $188.86 to $187.91. During the last trading day the stock fluctuated 3.68% from a day low at $182.00 to a day high of $188.69. The price has been going up and down for this period, and there has been a -11.44% loss for the last 2 weeks. Volume has increased on the last day by 19 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, 110 million shares were bought and sold for approximately $20.66 billion.

On Jan 25, 2024, it was reported that RBC Capital gave TSLA a "Negative" grade with a "initialise" action.

The stock lies in the lower of a very wide and falling trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at $179.63 is broken, it will firstly indicate a stronger fall rate.Given the current short-term trend, the stock is expected to fall -10.91% during the next 3 months and, with a 90% probability hold a price between $160.04 and $221.80 at the end of this 3-month period.

Tesla

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 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 $226.93. On a fall, the stock will find some support from the short-term average at $187.49. 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). Volume rose on falling prices yesterday. This may be an early warning and the stock should be followed more closely. A buy signal was issued from a pivot bottom point on Thursday, January 25, 2024, and so far it has risen 2.89%. Further rise is indicated until a new top pivot has been found.

Tesla finds support from accumulated volume at $187.29 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.

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 $6.69 between high and low, or 3.68%. For the last week, the stock has had daily average volatility of 3.67%.

Tesla is oversold on RSI14 (22). Some stocks may drop long and hard while being oversold on RSI before turning, which increases the general risk.

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.

Check full Tesla forecast and analysis here.