Tesla stock price ended on $189.19 on Tuesday after losing 1.37%

StockInvest.us, 1 year ago

Tesla

The Tesla stock price fell by -1.37% on the last day (Tuesday, 28th Mar 2023) from $191.81 to $189.19. During the last trading day the stock fluctuated 3.73% from a day low at $185.43 to a day high of $192.35. The price has been going up and down for this period, and there has been a 3.24% gain for the last 2 weeks. 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 -22 million shares and in total, 98 million shares were bought and sold for approximately $18.61 billion.

Wedbush is very positive about TSLA and gave it a "" rating on Feb 06, 2023. The price target was set to 225.Over the last 90 days, this security got 3 buy, 0 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 $188.16 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 49.11% during the next 3 months and, with a 90% probability hold a price between $280.57 and $377.47 at the end of this 3-month period.

Tesla

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 $190.80 and $193.73. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Wednesday, February 15, 2023, and so far it has fallen -11.69%. 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.

On the downside, the stock finds support just below today's level from accumulated volume at $177.90 and $166.66.There is a natural risk involved when a stock is testing a support level, since if this is broken, the stock then may fall to the next support level. In this case, Tesla finds support just below today's level at $177.90. If this is broken, then the next support from accumulated volume will be at $166.66 and $160.27.

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 $6.92 between high and low, or 3.73%. For the last week, the stock has had daily average volatility of 4.23%.

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.

Check full Tesla forecast and analysis here.