Stronger technical forecast for Tesla stock price after Friday trading.StockInvest.us, 4 months ago
The Tesla stock price gained 0.33% on the last trading day (Friday, 17th Sep 2021), rising from $756.99 to $759.49. , and has now gained 6 days in a row. It is not often that stocks manage to gain so many days in a row, and falls for a day or two should be expected. During the day the stock fluctuated 1.47% from a day low at $750.00 to a day high of $761.04. The price has risen in 9 of the last 10 days and is up by 3.7% 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, 14 million more shares were traded than the day before. In total, 28 million shares were bought and sold for approximately $21.34 billion.
On August 23, 2021 "Morgan Stanley" gave "C$900.00" rating for TSLA. The price target was set to $706.30+3.8%.
The stock lies in the middle of a 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 15.86% during the next 3 months and, with a 90% probability hold a price between $814.84 and $910.78 at the end of this 3-month period.
Mostly positive signals in the chart today. 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 $750.13 and $718.87. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Tuesday, August 17, 2021, and so far it has risen 14.09%. Further rise is indicated until a new top pivot has been found. Furthermore, there is a buy signal from the 3 months Moving Average Convergence Divergence (MACD). Volume is rising along with the price. This is considered to be a good technical signal.
On the downside, the stock finds support just below today's level from accumulated volume at $709.67 and $679.82.There is 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 $709.67. If this is broken, then the next support from accumulated volume will be at $679.82 and $644.78.
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 $11.04 between high and low, or 1.47%. For the last week, the stock has had a daily average volatility of 2.60%.
Since the Tesla has been rising for 6 days in a row, the risk over the next couple of days has increased. We don't expect a major reaction as the stock is in very good shape technically, and therefore hold a positive evaluation despite the very short term risk.
Tesla holds several positive signals and is within a strong rising trend. As the old saying says, "Let the trend be your friend.'". We therefore consider it to be a good choice at these current levels and we are expecting further gains during the next 3 months.We have upgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Strong Buy candidate.Check full Tesla forecast and analysis here.