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Stronger technical forecast for Tesla stock price after Tuesday trading.

StockInvest.us, 3 weeks ago

Tesla

The Tesla stock price gained 1.85% on the last trading day (Tuesday, 23rd Apr 2024), rising from $142.05 to $144.68. During the last trading day the stock fluctuated 4.35% from a day low at $141.11 to a day high of $147.25. The price has fallen in 8 of the last 10 days and is down by -18.2% for this period. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 5 million more shares were traded than the day before. In total, 112 million shares were bought and sold for approximately $16.16 billion.

On Apr 22, 2024, it was reported that Wells Fargo gave TSLA a "Equal-Weight" grade with a "downgrade" 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 $141.41 is broken, it will firstly indicate a stronger fall rate.Given the current short-term trend, the stock is expected to fall -18.21% during the next 3 months and, with a 90% probability hold a price between $115.66 and $146.77 at the end of this 3-month period.

Tesla

A buy signal was issued from a pivot bottom point on Monday, April 22, 2024, and so far it has risen 1.85%. 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. 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 $151.11 and $168.68. 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 $142.05 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 $6.14 between high and low, or 4.35%. For the last week, the stock has had daily average volatility of 3.39%.

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.