Tesla stock downgraded to Sell CandidateStockInvest.us, 2 weeks ago
The Tesla stock price gained 3.70% on the last trading day (Monday, 2nd May 2022), rising from $870.76 to $902.94. During the day the stock fluctuated 6.88% from a day low at $848.03 to a day high of $906.36. The price has fallen in 6 of the last 10 days and is down by -10.09% for this period. Volume fell on the last day by -4 million shares and in total, 25 million shares were bought and sold for approximately $22.96 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.
Deutsche Bank is very positive about TSLA and gave it a "$1200.00 - $1250.00" rating on Apr 22, 2022. The price target was changed from 1005.00 to 0.38.Over the last 90 days, this security got 11 buy, 2 sell, and 0 hold ratings.
The stock lies in the lower part of a very wide and strong rising trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at $856.90 is broken, it will firstly indicate a slower rate of rising, but may also be an early warning for a trend shift.Given the current short-term trend, the stock is expected to rise 15.42% during the next 3 months and, with a 90% probability hold a price between $989.04 and $1380.47 at the end of this 3-month period.
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 $916.03 and $981.10. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Monday, April 04, 2022, and so far it has fallen -21.17%. 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).
Tesla finds support from accumulated volume at $877.51 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 $58.33 between high and low, or 6.88%. For the last week, the stock has had a daily average volatility of 8.55%.
The Tesla stock holds several negative signals and despite the positive trend, we believe Tesla will perform weakly in the next couple of days or weeks. Therefore, we hold a negative evaluation of this stock.Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Sell candidate.Check full Tesla forecast and analysis here.