Stronger technical forecast for Tesla stock price after Friday trading.

StockInvest.us, 1 month ago

Tesla

The Tesla stock price gained 3.17% on the last trading day (Friday, 24th May 2024), rising from $173.74 to $179.24. During the last trading day the stock fluctuated 3.65% from a day low at $173.73 to a day high of $180.08. The price has risen in 6 of the last 10 days and is up by 6.39% over the past 2 weeks. Volume fell on the last day by -6 million shares and in total, 65 million shares were bought and sold for approximately $11.62 billion. You should take into consideration that falling volume on higher prices causes divergence and may be an early warning about possible changes over the next couple of days.

On May 22, 2024, it was reported that Morgan Stanley gave TSLA a "Overweight" 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 -5.50% during the next 3 months and, with a 90% probability hold a price between $130.23 and $180.20 at the end of this 3-month period.

Tesla

There are mixed signals in the stock today. A sell signal was issued from a pivot top point on Monday, April 29, 2024, and so far it has fallen -7.63%. 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). 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 $178.13 and $171.21. A breakdown below any of these levels will issue sell signals. Volume fell during the last trading day despite gaining prices. This causes a divergence between volume and price and it may be an early warning. The stock should be watched closely.

On the downside, the stock finds support just below today's level from accumulated volume at $164.90 and $162.50.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 $164.90. If this is broken, then the next support from accumulated volume will be at $162.50 and $162.13.

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 $6.35 between high and low, or 3.65%. For the last week, the stock has had daily average volatility of 4.24%.

Tesla holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development.We have upgraded our analysis conclusion for this stock since the last evaluation from a Sell to a Hold/Accumulate candidate.

Check full Tesla forecast and analysis here.