Tesla stock price up 0.366% on TuesdayStockInvest.us, 1 month ago
The Tesla stock price gained 0.366% on the last trading day (Tuesday, 17th Oct 2023), rising from $253.92 to $254.85. During the last trading day the stock fluctuated 4.09% from a day low at $247.08 to a day high of $257.18. The price has been going up and down for this period, and there has been a 3.37% gain for the last 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 5 million more shares were traded than the day before. In total, 93 million shares were bought and sold for approximately $23.77 billion.
On Oct 03, 2023, it was reported that GLJ Research gave TSLA a "Sell" 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 $212.16 and $272.86 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.
Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Volume is rising along with the price. This is considered to be a good technical signal. 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. On corrections up, there will be some resistance from the lines at $257.86 and $257.04. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Thursday, September 14, 2023, and so far it has fallen -7.68%. Further fall is indicated until a new bottom pivot has been found.
On the downside, the stock finds support just below today's level from accumulated volume at $240.50 and $231.28.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 $240.50. If this is broken, then the next support from accumulated volume will be at $231.28 and $215.49.
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 $10.10 between high and low, or 4.09%. For the last week, the stock has had daily average volatility of 3.40%.
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.