Stronger technical forecast for Tesla stock price after Thursday trading.StockInvest.us, 4 weeks ago
The Tesla stock price fell by -0.35% on the last day (Thursday, 25th Aug 2022) from $297.10 to $296.07. During the last trading day the stock fluctuated 3.90% from a day low at $291.60 to a day high of $302.96. The price has fallen in 6 of the last 10 days but is still up by 3.29% over the past 2 weeks. Volume fell on the last day along with the stock, which is actually a good sign as volume should follow the stock. On the last day, the trading volume fell by -4 million shares and in total, 53 million shares were bought and sold for approximately $15.69 billion.
The last rating was given by Morgan Stanley on Aug 25, 2022. The price target was changed from 1150 to 383.33.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 34.77% during the next 3 months and, with a 90% probability hold a price between $371.53 and $431.23 at the end of this 3-month period.
The Tesla stock holds a sell signal from the short-term moving average; at the same time, however, there is a buy signal from the long-term average. Since the short-term average is above the long-term average there is a general buy signal in the stock giving a positive forecast for the stock. On further gains, the stock will meet resistance from the short-term moving average at approximately $297.58. On a fall, the stock will find some support from the long-term average at approximately $278.49. A break-up through the short-term average will send a buy signal, whereas a breakdown through the long-term average will send a sell 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, August 15, 2022, and so far it has fallen -4.28%. 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). Volume fell together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements.
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 $11.36 between high and low, or 3.90%. For the last week, the stock has had daily average volatility of 2.98%.
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.