Stronger technical forecast for Tesla stock price after Wednesday trading.

The Tesla stock price gained 3.88% on the last trading day (Wednesday, 12th Jun 2024), rising from $170.66 to $177.29. During the last trading day the stock fluctuated 6.33% from a day low at $169.80 to a day high of $180.55. The price has fallen in 6 of the last 10 days but is still up by 0.62% 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, 25 million more shares were traded than the day before. In total, 90 million shares were bought and sold for approximately $15.93 billion.

On Jun 12, 2024, it was reported that Citigroup gave TSLA a "Neutral" grade with a "hold" action.

The stock lies in the middle of a very wide and weak 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 5.16% during the next 3 months and, with a 90% probability hold a price between $155.24 and $209.11 at the end of this 3-month period.

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 $175.28 and $176.58. A breakdown below any of these levels will issue sell signals. 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. A sell signal was issued from a pivot top point on Tuesday, May 21, 2024, and so far it has fallen -4.99%. 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).

On the downside, the stock finds support just below today's level from accumulated volume at $164.90 and $162.50.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 $164.90. If this is broken, then the next support from accumulated volume will be at $162.50 and $162.13.

In general the stock tends to have very controlled movements and with good liquidity the risk is considered very low in this stock. During the last day, the stock moved $10.75 between high and low, or 6.33%. For the last week the stock has had daily average volatility of 4.01%.

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.