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Red day on Wednesday for Tesla

StockInvest.us, 3 months ago

Tesla

The Tesla stock price fell by -3.01% on the last day (Wednesday, 2nd Jun 2021) from $623.90 to $605.12. and has now fallen 4 days in a row. During the day the stock fluctuated 4.04% from a day low at $599.14 to a day high of $623.36. The price has fallen in 6 of the last 10 days, but is still up by 4.72% over the past 2 weeks. Volume has increased on the last day by 5 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, 23 million shares were bought and sold for approximately $13.90 billion.

Robert W. Baird is very positive about TSLA and gave it a "Buy" rating on May 27, 2021. The price target was set to $736.00.Over the last 30 days, this security got 1 buy, 0 sell, and 2 hold ratings.

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 -6.79% during the next 3 months and, with a 90% probability hold a price between $477.40 and $682.93 at the end of this 3-month period.

Tesla

Furthermore, there is a buy signal from the 3 months 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 sell signals from both short and long-term moving averages giving a more negative forecast for the stock. Also, there is a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections up, there will be some resistance from the lines at $616.48 and $655.02. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Thursday, May 27, 2021, and so far it has fallen -4.08%. Further fall is indicated until a new bottom pivot has been found. 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 $597.95 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 $24.22 between high and low, or 4.04%. For the last week, the stock has had a daily average volatility of 2.96%.

Tesla holds several negative signals and is within a very wide and falling trend, so we believe 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.