Strong day for Tesla stock price on Monday rising 5.60% to $232.10

The Tesla stock price gained 5.60% on the last trading day (Monday, 29th Jul 2024), rising from $219.80 to $232.10. During the last trading day the stock fluctuated 4.18% from a day low at $224.87 to a day high of $234.27. The price has been going up and down for this period, and there has been a -8.13% loss for the last 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 34 million more shares were traded than the day before. In total, 128 million shares were bought and sold for approximately $29.70 billion.

On Jul 29, 2024, it was reported that Morgan Stanley gave TSLA a "Reduce" grade with a "hold" action.

The stock lies in the middle of a very wide and strong rising trend in the short term and a further rise within the trend is signaled.Given the current short-term trend, the stock is expected to rise 42.63% during the next 3 months and, with a 90% probability hold a price between $306.29 and $401.03 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 $232.18. On a fall, the stock will find some support from the long-term average at approximately $217.06. 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. Volume is rising along with the price. This is considered to be a good technical 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 Wednesday, July 10, 2024, and so far it has fallen -11.84%. 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).

Tesla finds support from accumulated volume at $231.26 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 $9.40 between high and low, or 4.18%. For the last week, the stock has had daily average volatility of 4.26%.

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.