Stronger technical forecast for Tesla stock price after Tuesday trading.StockInvest.us, 1 month ago
The Tesla stock price gained 1.76% on the last trading day (Tuesday, 31st Oct 2023), rising from $197.36 to $200.84. During the last trading day the stock fluctuated 4.50% from a day low at $194.07 to a day high of $202.80. The price has fallen in 6 of the last 10 days and is down by -21.19% for this period. Volume fell on the last day by -18 million shares and in total, 116 million shares were bought and sold for approximately $23.35 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.
On Oct 03, 2023, it was reported that GLJ Research gave TSLA a "Sell" grade with a "hold" action.
The stock lies in the lower of a very wide and falling trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at $197.09 is broken, it will firstly indicate a stronger fall rate.Given the current short-term trend, the stock is expected to fall -6.16% during the next 3 months and, with a 90% probability hold a price between $184.94 and $250.55 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 1.76%. Further rise is indicated until a new top pivot has been found. 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. Some negative signals were issued as well, and these may have some influence on the near short-term development. The Tesla stock holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. Also, there is a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections up, there will be some resistance from the lines at $207.47 and $244.48. A break-up above any of these levels will issue buy signals. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).
Tesla finds support from accumulated volume at $197.36 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 $8.73 between high and low, or 4.50%. For the last week, the stock has had daily average volatility of 4.92%.
Tesla is oversold on RSI14 (15). Some stocks may fall long and hard while being oversold on RSI, but stocks that are heavily oversold on RSI often pose good re-bounce chance and played well it can be a buy candidate.
Tesla holds several negative signals and is within a very wide and falling trend, so we believe it will still perform weakly in the next couple of days or weeks. We therefore hold a negative evaluation of this stock.We have upgraded our analysis conclusion for this stock since the last evaluation from a Strong Sell to a Sell candidate.Check full Tesla forecast and analysis here.