Red day on Monday for Tesla stock after losing 2.81%

The Tesla stock price fell by -2.81% on the last day (Monday, 12th Feb 2024) from $193.57 to $188.13. During the last trading day the stock fluctuated 3.98% from a day low at $187.28 to a day high of $194.73. The price has risen in 6 of the last 10 days but is still down by -1.47% for this period. Volume has increased on the last day by 11 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, 95 million shares were bought and sold for approximately $17.85 billion.

On Feb 05, 2024, it was reported that Piper Sandler gave TSLA a "Overweight" grade with a "hold" action.

The stock lies in the middle of a very wide and falling trend in the short term and further fall within the trend is signaled.Given the current short-term trend, the stock is expected to fall -20.49% during the next 3 months and, with a 90% probability hold a price between $140.07 and $183.79 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.

A buy signal was issued from a pivot bottom point on Monday, February 05, 2024, and so far it has risen 3.90%. 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). 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 $216.21. On a fall, the stock will find some support from the short-term average at $187.56. 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. Volume rose on falling prices yesterday. This may be an early warning and the stock should be followed more closely.

Tesla finds support from accumulated volume at $185.10 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 $7.45 between high and low, or 3.98%. For the last week, the stock has had daily average volatility of 3.77%.

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.