Stronger technical forecast for Tesla stock price after Monday trading.StockInvest.us, 2 weeks ago
The Tesla stock price gained 4.22% on the last trading day (Monday, 13th Nov 2023), rising from $214.65 to $223.71. During the last trading day the stock fluctuated 6.52% from a day low at $211.61 to a day high of $225.40. The price has risen in 7 of the last 10 days and is up by 13.35% 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, 7 million more shares were traded than the day before. In total, 138 million shares were bought and sold for approximately $30.77 billion.
On Oct 03, 2023, it was reported that GLJ Research gave TSLA a "Sell" 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 -10.77% during the next 3 months and, with a 90% probability hold a price between $166.47 and $228.25 at the end of this 3-month period.
A buy signal was issued from a pivot bottom point on Monday, October 30, 2023, and so far it has risen 13.35%. Further rise is indicated until a new top pivot has been found. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). 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. The Tesla stock holds a buy signal from the short-term Moving Average; at the same time, however, the long-term average holds a general sell signal. Since the longterm average is above the short-term average there is a general sell signal in the stock giving a more negative forecast for the stock. On further gains, the stock will meet resistance from the long-term Moving Average at $232.83. On a fall, the stock will find some support from the short-term average at $218.84. A break-up through the long-term average will give another buy signal, while a fall below the short-term average will add another sell signal and strengthen the general signal.
Tesla finds support from accumulated volume at $220.11 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This stock may move much during the day (volatility) and with a large prediction interval from the Bollinger Band this stock is considered to be "high risk". During the last day, the stock moved $13.79 between high and low, or 6.52%. For the last week, the stock has had daily average volatility of 4.90%.
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.