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The Tesla stock price gained 6.90% on the last trading day (Monday, 3rd Jul 2023), rising from $261.77 to $279.82. It has now gained 5 days in a row. It will be exciting to see whether it manages to continue gaining or take a minor break for the next few days. During the last trading day the stock fluctuated 3.32% from a day low at $275.11 to a day high of $284.25. The price has risen in 7 of the last 10 days and is up by 7.4% over the past 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 7 million more shares were traded than the day before. In total, 118 million shares were bought and sold for approximately $33.08 billion.
Wedbush is very positive about TSLA. The price target was set to 225 (Feb 06, 2023).
The stock lies in the upper part of a wide and 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 $289.99 will firstly indicate a stronger rate of rising.Given the current short-term trend, the stock is expected to rise 57.05% during the next 3 months and, with a 90% probability hold a price between $366.21 and $455.42 at the end of this 3-month period.
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 $257.60 and $223.42. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Monday, June 26, 2023, and so far it has risen 16.08%. Further rise is indicated until a new top pivot has been found. 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. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).
On the downside, the stock finds support just below today's level from accumulated volume at $259.46 and $244.40.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 $259.46. If this is broken, then the next support from accumulated volume will be at $244.40 and $224.57.
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 $9.14 between high and low, or 3.32%. For the last week, the stock has had daily average volatility of 3.25%.
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.We have upgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Buy candidate.
Check full Tesla forecast and analysis here.