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Red day on Friday for Tesla stock after losing 0.91%

StockInvest.us, 1 year ago


The Tesla stock price fell by -0.91% on the last day (Friday, 23rd Jul 2021) from $649.26 to $643.38. and has now fallen 4 days in a row. During the day the stock fluctuated 1.80% from a day low at $637.30 to a day high of $648.80. The price has fallen in 7 of the last 10 days and is down by -2.07% for this period. Volume fell on the last day along with the stock, which is actually a good sign as volume should follow the stock. On the last day, the trading volume fell by -765 thousand shares and in total, 14 million shares were bought and sold for approximately $9.19 billion.

On July 16, 2021 "Bank of America" gave "$700.00 - $750.00" rating for TSLA. The price target was changed from $649.60to0.2%.Over the last 30 days, this security got 3 buy, 2 sell, and 1 hold ratings.

The stock is moving within a wide and horizontal trend and further movements within this trend can be expected. Given the current horizontal trend, you can expect Tesla stock with a 90% probability to be traded between $584.46 and $706.25 at the end of this 3-month period. A break of a horizontal trend is often followed by a large increase in the volume, and stocks seldom manage to go directly from the bottom of a trend up to the top. Stocks turning up in the middle of a horizontal trend are therefore considered to be potential runners.


The Tesla stock holds a sell signal from the short-term moving average; at the same time, however, there is a buy signal from the long-term average. Since the short-term average is above the long-term average there is a general buy signal in the stock giving a positive forecast for the stock. On further gains, the stock will meet resistance from the short-term moving average at approximately $649.92. On a fall, the stock will find some support from the long-term average at approximately $643.38. A break-up through the short-term average will send a buy signal, whereas a breakdown through the long-term average will send a sell 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 Monday, June 28, 2021, and so far it has fallen -6.58%. 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 fell together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements.

Tesla finds support from accumulated volume at $617.20 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.

This stock is usually traded at a good volume, and with minor daily changes, the risk is considered to be low. During the last day, the stock moved $11.50 (1.80%) between high and low. For the last week, the stock has had a daily average volatility of 2.87%.

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.

Check full Tesla forecast and analysis here.