Strong day for Tesla stock price on Thursday rising 6.25% to $218.51

The Tesla stock price gained 6.25% on the last trading day (Thursday, 2nd Nov 2023), rising from $205.66 to $218.51. It has now gained 3 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 3.67% from a day low at $211.45 to a day high of $219.20. The price has risen in 6 of the last 10 days but is still down by -0.73% for this period. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 4 million more shares were traded than the day before. In total, 123 million shares were bought and sold for approximately $26.97 billion.

On Oct 03, 2023, it was reported that GLJ Research gave TSLA a "Sell" 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 -7.34% during the next 3 months and, with a 90% probability hold a price between $181.97 and $245.18 at the end of this 3-month period.

A buy signal was issued from a pivot bottom point on Monday, October 30, 2023, and so far it has risen 10.72%. 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. The Tesla stock holds a buy signal from the short-term Moving Average; at the same time, however, the long-term average holds a general sell signal. Since the longterm average is above the short-term average there is a general sell signal in the stock giving a more negative forecast for the stock. On further gains, the stock will meet resistance from the long-term Moving Average at $240.96. On a fall, the stock will find some support from the short-term average at $206.84. A break-up through the long-term average will give another buy signal, while a fall below the short-term average will add another sell signal and strengthen the general signal. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).

Tesla finds support from accumulated volume at $212.08 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 $7.75 between high and low, or 3.67%. For the last week, the stock has had daily average volatility of 4.77%.

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.