Stronger technical forecast for Tesla stock price after Monday trading.StockInvest.us, 3 months ago
The Tesla stock price gained 2.51% on the last trading day (Monday, 28th Jun 2021), rising from $671.87 to $688.72. During the day the stock fluctuated 3.64% from a day low at $670.32 to a day high of $694.70. The price has risen in 7 of the last 10 days and is up by 11.5% over the past 2 weeks. Volume fell on the last day by -11 million shares and in total, 22 million shares were bought and sold for approximately $14.82 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.
Canaccord Genuity is very positive about TSLA and gave it a "Buy" rating on June 14, 2021. The price target was changed from $974.00 to $812.00.Over the last 30 days, this security got 3 buy, 0 sell, and 0 hold ratings.
The stockhas broken the very wide and falling short-term trend up. Firstly a slower falling rate is indicated, but this may very well be an early signal of a trend shift. On the reaction, there will be support on the roof of the current trend broken, which is $678.53, a level that may pose a second chance to hit a runner. According to fan-theory $836.29 will be the next possible trend-top level and thereby pose a resistance level that may not be broken at the first attempt.
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 $652.12 and $611.47. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Wednesday, May 19, 2021, and so far it has risen 22.23%. 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 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.
Tesla finds support from accumulated volume at $679.82 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
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 $24.38 between high and low, or 3.64%. For the last week, the stock has had a daily average volatility of 3.66%.
The Tesla stock is extremely overbought on RSI14 (78). Normally this may pose a good selling opportunity but since the stock has broken the trend up, the chance for a major correction due to high RSI is very small as the stock will find support at the trend broken.
Several short-term signals are positive and the break-up from the falling trend indicates a possible shift for a trend. We believe that the prices around the breaking point will indicate particularly good levels, but we also believe that the current level will hold a possible good buy level for the short-term period. 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.