Tesla stock downgraded to Sell Candidate

StockInvest.us, 1 month ago

Tesla

The Tesla stock price fell by -2.44% on the last day (Friday, 14th Jun 2024) from $182.47 to $178.01. During the last trading day the stock fluctuated 5.13% from a day low at $176.92 to a day high of $186.00. The price has fallen in 6 of the last 10 days and is down by -0.04% for this period. Volume fell on the last day along with the stock, which is actually a good sign as volume should follow the stock. On the last day, the trading volume fell by -34 million shares and in total, 81 million shares were bought and sold for approximately $14.47 billion.

On Jun 14, 2024, it was reported that Goldman Sachs 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 5.30% during the next 3 months and, with a 90% probability hold a price between $155.95 and $209.87 at the end of this 3-month period.

Tesla

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 $176.81 and $177.38. A breakdown below any of these levels will issue sell signals. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). 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 Monday, April 29, 2024, and so far it has fallen -8.27%. Further fall is indicated until a new bottom pivot has been found. Volume fell together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements.

Tesla finds support from accumulated volume at $170.18 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.

This stock is usually traded at a good volume, and with minor daily changes, the risk is considered to be low. During the last day, the stock moved $9.08 (5.13%) between high and low. For the last week, the stock has had daily average volatility of 4.87%.

Tesla holds several negative signals and we believe that it will still perform weakly in the next couple of days or weeks. We, therefore, 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 Buy to a Sell candidate.

Check full Tesla forecast and analysis here.