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The Tesla stock price gained 0.132% on the last trading day (Wednesday, 5th Jun 2024), rising from $174.77 to $175.00. During the last trading day the stock fluctuated 2.34% from a day low at $172.13 to a day high of $176.15. The price has fallen in 7 of the last 10 days and is down by -6.22% for this period. Volume fell on the last day by -2 million shares and in total, 58 million shares were bought and sold for approximately $10.07 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 Jun 04, 2024, it was reported that Piper Sandler gave TSLA a "Overweight" grade with a "hold" action.
The stock lies in the middle of a very wide and weak rising trend in the short term and a further rise within the trend is signaled.Given the current short-term trend, the stock is expected to rise 3.15% during the next 3 months and, with a 90% probability hold a price between $149.58 and $202.73 at the end of this 3-month period.
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 $176.55. On a fall, the stock will find some support from the long-term average at approximately $172.64. 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. 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. A sell signal was issued from a pivot top point on Monday, April 29, 2024, and so far it has fallen -9.82%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).
On the downside, the stock finds support just below today's level from accumulated volume at $164.90 and $162.50.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 $164.90. If this is broken, then the next support from accumulated volume will be at $162.50 and $162.13.
This stock is usually traded at a good volume, and with minor daily changes, the risk is considered to be low. During the last day, the stock moved $4.02 (2.34%) between high and low. For the last week, the stock has had daily average volatility of 3.41%.
Tesla holds several negative signals and this should be a sell candidate, but due to the general chance for a turnaround situation it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development.
Check full Tesla forecast and analysis here.
