Stronger technical forecast for Tesla stock price after Monday trading.StockInvest.us, 2 weeks ago
The Tesla stock price gained 1.58% on the last trading day (Monday, 12th Sep 2022), rising from $299.68 to $304.42. It 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 last trading day the stock fluctuated 1.69% from a day low at $300.40 to a day high of $305.49. The price has risen in 6 of the last 10 days and is up by 5.67% over the past 2 weeks. Volume fell on the last day by -6 million shares and in total, 48 million shares were bought and sold for approximately $14.76 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.
Wolfe Research is very positive about TSLA and gave it a "" rating on Sep 06, 2022. The price target was set to 360.Over the last 90 days, this security got 13 buy, 13 sell, and 0 hold ratings.
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 33.8% during the next 3 months and, with a 90% probability hold a price between $370.68 and $448.60 at the end of this 3-month period.
A sell signal was issued from a pivot top point on Monday, August 15, 2022, and so far it has fallen -1.58%. 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). Some positive signals were issued as well, and these may have some influence on the near short-term development. The Tesla stock holds buy signals from both short and long-term moving averages giving a positive forecast for the stock, but the stock has a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections down, there will be some support from the lines at $285.55 and $290.31. 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 $271.71 and $237.04.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 $271.71. If this is broken, then the next support from accumulated volume will be at $237.04 and $233.00.
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 $5.09 between high and low, or 1.69%. For the last week, the stock has had daily average volatility of 3.25%.
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.
Several of the signals/indicators are negative, and we believe that this will affect on the development for the next days and maybe possible weeks. However, over time, we think that today's level holds a possible buying opportunity and that the price will be higher during or at the end of this 3-month 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.