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Red day on Thursday for Tesla

StockInvest.us, 4 months ago


The Tesla stock price fell by -0.23% on the last day (Thursday, 2nd Sep 2021) from $734.09 to $732.39. and has now fallen 3 days in a row. During the day the stock fluctuated 1.43% from a day low at $730.54 to a day high of $740.97. The price has risen in 7 of the last 10 days and is up by 8.75% over the past 2 weeks. Volume has increased on the last day by 65 thousand 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, 13 million shares were bought and sold for approximately $9.33 billion.

On August 23, 2021 "Morgan Stanley" gave "C$900.00" rating for TSLA. The price target was set to $706.30+3.8%.

The stock lies in the upper part of a strong rising trend in the short term, and this may normally pose a very good selling opportunity for the short-term trader as reaction back towards the lower part of the trend can be expected. A break-up at the top trend line at $739.38 will firstly indicate a stronger rate of rising.Given the current short-term trend, the stock is expected to rise 18.8% during the next 3 months and, with a 90% probability hold a price between $816.93 and $878.38 at the end of this 3-month period.


There are mixed signals in the stock today. A sell signal was issued from a pivot top point on Tuesday, August 31, 2021, and so far it has fallen -0.45%. 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 rose on falling prices yesterday. This may be an early warning and the stock should be followed more closely. The Tesla stock holds buy signals from both short and long-term moving averages giving a positive forecast for the stock. Also, there is a general buy signal from the relation between the two signals where the short-term average is above the long-term average. On corrections down, there will be some support from the lines at $722.48 and $691.28. A breakdown below any of these levels will issue sell signals.

Tesla finds support from accumulated volume at $709.67 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.

This stock has average movements during the day and with good trading volume, the risk is considered to be medium. During the last day, the stock moved $10.43 between high and low, or 1.43%. For the last week, the stock has had a daily average volatility of 1.84%.

Several short-term signals, along with a general good trend, are positive and we conclude that the current level may hold a buying opportunity as there is a fair chance for Tesla stock to perform well in the short-term.

Check full Tesla forecast and analysis here.