Tesla stock price down 0.294% on Wednesday

The Tesla stock price fell by -0.294% on the last day (Wednesday, 18th Sep 2024) from $227.87 to $227.20. During the last trading day the stock fluctuated 3.88% from a day low at $226.88 to a day high of $235.68. The price has risen in 7 of the last 10 days and is up by 3.55% over the past 2 weeks. Volume has increased on the last day by 10 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, 76 million shares were bought and sold for approximately $17.33 billion.

On Sep 18, 2024, it was reported that Wolfe Research gave TSLA a "Perform" grade with a "hold" action.

The stock is moving within a very wide and horizontal trend and further movements within this trend can be expected. Given the current horizontal trend, you can expect Tesla stock with a 90% probability to be traded between $188.19 and $257.91 at the end of this 3-month period. A break of a horizontal trend is often followed by a large increase in the volume, and stock seldom manage to go directly from the bottom of a trend up to the top. Stock turning up in the middle of a horizontal trend are therefore considered to be potential runners.

The Tesla stock holds a sell signal from the short-term Moving Average; at the same time, however, there is a buy signal from the long-term average. Since the short-term average is above the long-term average there is a general buy signal in the stock giving a positive forecast for the stock. On further gains, the stock will meet resistance from the short-term Moving Average at approximately $228.04. On a fall, the stock will find some support from the long-term average at approximately $214.68. A break-up through the short-term average will send a buy signal, whereas a breakdown through the long-term average will send a sell signal. A buy signal was issued from a pivot bottom point on Wednesday, August 07, 2024, and so far it has risen 18.48%. Further rise is indicated until a new top pivot has been found. 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. 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 $215.99 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 $8.80 between high and low, or 3.88%. For the last week, the stock has had daily average volatility of 3.30%.

Several short-term signals 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 period.