Stronger technical forecast for Tesla stock price after Monday trading.StockInvest.us, 1 month ago
The Tesla stock price gained 3.27% on the last trading day (Monday, 2nd Aug 2021), rising from $687.20 to $709.67. , and has now gained 5 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 day the stock fluctuated 4.09% from a day low at $698.40 to a day high of $726.94. The price has risen in 6 of the last 10 days and is up by 9.82% 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, 4 million more shares were traded than the day before. In total, 33 million shares were bought and sold for approximately $23.53 billion.
On August 02, 2021 "KGI Securities" gave "" rating for TSLA. The price target was set to $720.53+4.9%.Over the last 30 days, this security got 2 buy, 1 sell, and 0 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 9.29% during the next 3 months and, with a 90% probability hold a price between $672.10 and $818.07 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 $666.71 and $654.72. 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 25.95%. 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. Furthermore, there is currently a sell signal from the 3 months Moving Average Convergence Divergence (MACD).
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 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 $28.54 (4.09%) between high and low. For the last week, the stock has had a daily average volatility of 4.48%.
Tesla holds several positive signals and is within a weak 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.