Tesla stock price ended on $183.25 on Friday after gaining 0.339%StockInvest.us, 1 month ago
The Tesla stock price gained 0.339% on the last trading day (Friday, 26th Jan 2024), rising from $182.63 to $183.25. During the last trading day the stock fluctuated 2.57% from a day low at $182.10 to a day high of $186.78. The price has fallen in 6 of the last 10 days and is down by -19.35% for this period. Volume fell on the last day by -89 million shares and in total, 107 million shares were bought and sold for approximately $19.54 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 Jan 25, 2024, it was reported that RBC Capital gave TSLA a "Negative" grade with a "initialise" action.
The stock is at the lower part of a very wide and horizontal trend in the short term, and normally this may pose a good buying opportunity, though a breakdown through the bottom trend line at $182.65 will give a strong sell signal and a trend shift may be expected.Given the current horizontal trend, you can expect Tesla stock with a 90% probability to be traded between $183.34 and $262.76 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 stocks seldom manage to go directly from the bottom of a trend up to the top. Stocks turning up in the middle of a horizontal trend are therefore considered to be potential runners.
A buy signal was issued from a pivot bottom point on Thursday, January 25, 2024, and so far it has risen 0.339%. Further rise is indicated until a new top pivot has been found. 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 $202.25 and $234.24. A break-up above any of these levels will issue buy signals. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).
Tesla finds support from accumulated volume at $182.63 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 $4.68 between high and low, or 2.57%. For the last week, the stock has had daily average volatility of 4.38%.
Tesla is oversold on RSI14 (8). Some stocks may fall long and hard while being oversold on RSI, but stocks that are heavily oversold on RSI often pose good re-bounce chance and played well it can be a buy candidate.
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.Check full Tesla forecast and analysis here.