Stronger technical forecast for Tesla stock price after Monday trading.StockInvest.us, 1 month ago
The Tesla stock price gained 2.21% on the last trading day (Monday, 26th Jul 2021), rising from $643.38 to $657.62. During the day the stock fluctuated 3.26% from a day low at $647.11 to a day high of $668.20. The price has fallen in 7 of the last 10 days and is down by -4.1% for this period. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 10 million more shares were traded than the day before. In total, 24 million shares were bought and sold for approximately $15.67 billion.
On July 16, 2021 "Bank of America" gave "$700.00 - $750.00" rating for TSLA. The price target was changed from $649.60to0.2%.Over the last 30 days, this security got 3 buy, 2 sell, and 1 hold ratings.
The stock lies in the middle of a wide and weak 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 3.69% during the next 3 months and, with a 90% probability hold a price between $603.31 and $722.01 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 $650.93 and $645.05. A breakdown below any of these levels will issue sell signals. 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. A sell signal was issued from a pivot top point on Monday, June 28, 2021, and so far it has fallen -4.52%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 months Moving Average Convergence Divergence (MACD).
On the downside, the stock finds support just below today's level from accumulated volume at $617.20 and $571.69.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 $617.20. If this is broken, then the next support from accumulated volume will be at $571.69 and $563.46.
This stock is usually traded at a good volume, and with minor daily changes, the risk is considered to be low. During the last day, the stock moved $21.09 (3.26%) between high and low. For the last week, the stock has had a daily average volatility of 2.69%.
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.