Red day on Thursday for Tesla stock after losing 3.54%

The Tesla stock price fell by -3.54% on the last day (Thursday, 23rd May 2024) from $180.11 to $173.74. During the last trading day the stock fluctuated 4.99% from a day low at $173.26 to a day high of $181.90. The price has been going up and down for this period, and there has been a 1.03% gain for the last 2 weeks. 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 -15 million shares and in total, 71 million shares were bought and sold for approximately $12.35 billion.

On May 22, 2024, it was reported that Morgan Stanley 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 -5.88% during the next 3 months and, with a 90% probability hold a price between $129.53 and $179.38 at the end of this 3-month period.

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 $177.38. On a fall, the stock will find some support from the long-term average at approximately $170.80. 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, April 29, 2024, and so far it has fallen -10.47%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 month 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.

On the downside, the stock finds support just below today's level from accumulated volume at $164.90 and $162.50.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 $164.90. If this is broken, then the next support from accumulated volume will be at $162.50 and $162.13.

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 $8.64 between high and low, or 4.99%. For the last week, the stock has had daily average volatility of 4.31%.

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.