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Tesla stock price ended on $605.13 on Monday after gaining 1.01%

StockInvest.us, 3 months ago

Tesla

The Tesla stock price gained 1.01% on the last trading day (Monday, 7th Jun 2021), rising from $599.05 to $605.13. , and has now gained 3 days in a row. It will be exciting to see whether it manages to continue gaining or take a minor break for the next few days. During the day the stock fluctuated 4.65% from a day low at $582.88 to a day high of $610.00. The price has been going up and down for this period, and there has been a 4.17% gain for the last 2 weeks. Volume fell on the last day by -2 million shares and in total, 22 million shares were bought and sold for approximately $13.45 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.

Wedbush is very positive about TSLA and gave it a "Buy" rating on June 06, 2021. The price target was set to $1,000.00.Over the last 30 days, this security got 3 buy, 0 sell, and 2 hold ratings.

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 -10.16% during the next 3 months and, with a 90% probability hold a price between $492.40 and $641.13 at the end of this 3-month period.

Tesla

A buy signal was issued from a pivot bottom point on Wednesday, May 19, 2021, and so far it has risen 7.40%. Further rise is indicated until a new top pivot has been found. Furthermore, there is a buy signal from the 3 months Moving Average Convergence Divergence (MACD). 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 $608.87 and $642.62. A break-up above any of these levels will issue buy signals.

On the downside, the stock finds support just below today's level from accumulated volume at $571.69 and $563.46.There is 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 $571.69. If this is broken, then the next support from accumulated volume will be at $563.46 and $563.00.

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 $27.12 between high and low, or 4.65%. For the last week, the stock has had a daily average volatility of 4.14%.

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.