Tesla stock downgraded from Strong Buy Candidate to Buy Candidate after Tuesday trading session.StockInvest.us, 2 months ago
The Tesla stock price gained 0.0099% on the last trading day (Tuesday, 3rd Aug 2021), rising from $709.67 to $709.74. , and has now gained 6 days in a row. It is not often that stocks manage to gain so many days in a row, and falls for a day or two should be expected. During the day the stock fluctuated 3.09% from a day low at $701.01 to a day high of $722.65. The price has risen in 6 of the last 10 days and is up by 7.45% over the past 2 weeks. Volume fell on the last day by -12 million shares and in total, 21 million shares were bought and sold for approximately $15.25 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 August 03, 2021 "Piper Sandler" gave "$1,200.00" rating for TSLA. The price target was changed from $703.41 to 0.9%.Over the last 30 days, this security got 2 buy, 1 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 11.13% during the next 3 months and, with a 90% probability hold a price between $694.96 and $831.91 at the end of this 3-month period.
Mostly positive signals in the chart today. The Tesla stock holds buy signals from both short and long-term moving averages giving a positive forecast for the stock. Also, there is a general buy signal from the relation between the two signals where the short-term average is above the long-term average. On corrections down, there will be some support from the lines at $676.19 and $657.35. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Wednesday, May 19, 2021, and so far it has risen 25.96%. Further rise is indicated until a new top pivot has been found. Furthermore, there is a buy signal from the 3 months Moving Average Convergence Divergence (MACD). 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.
Tesla finds support from accumulated volume at $679.82 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
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 $21.64 between high and low, or 3.09%. For the last week, the stock has had a daily average volatility of 3.85%.
Since the Tesla has been rising for 6 days in a row, the risk over the next couple of days has increased. We don't expect a major reaction as the stock is in very good shape technically, and therefore hold a positive evaluation despite the very short term risk.
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.Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Strong Buy to a Buy candidate.Check full Tesla forecast and analysis here.