Tesla stock downgraded to Strong Sell CandidateStockInvest.us, 2 months ago
The Tesla stock price fell by -3.64% on the last day (Monday, 14th Mar 2022) from $795.35 to $766.37. and has now fallen 4 days in a row. During the day the stock fluctuated 5.91% from a day low at $756.05 to a day high of $800.70. The price has fallen in 7 of the last 10 days and is down by -11.96% for this period. Volume has increased on the last day by 2 million shares but on falling prices. This may be an early warning and the risk will be increased slightly over the next couple of days. In total, 24 million shares were bought and sold for approximately $18.02 billion.
On Feb 28, 2022 "Sanford C. Bernstein" gave "$300.00 - $450.00" rating for TSLA. The price target was set to $870.43+7.5%.
The stock lies in the middle of a very wide and falling trend in the short term and further fall within the trend is signaled.Given the current short-term trend, the stock is expected to fall -21.63% during the next 3 months and, with a 90% probability hold a price between $552.72 and $770.22 at the end of this 3-month period.
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. 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 $818.04 and $868.76. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Wednesday, March 02, 2022, and so far it has fallen -12.90%. Further fall is indicated until a new bottom pivot has been found. Volume rose on falling prices yesterday. This may be an early warning and the stock should be followed more closely.
Tesla finds support from accumulated volume at $764.04 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 $44.65 between high and low, or 5.91%. For the last week, the stock has had a daily average volatility of 5.94%.
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.Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Sell to a Strong Sell candidate.Check full Tesla forecast and analysis here.