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The Tesla stock price gained 0.38% on the last trading day (Tuesday, 18th Oct 2022), rising from $219.35 to $220.19. It 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 last trading day the stock fluctuated 5.79% from a day low at $217.25 to a day high of $229.82. The price has fallen in 6 of the last 10 days and is down by -11.73% for this period. Volume fell on the last day by -4 million shares and in total, 75 million shares were bought and sold for approximately $16.58 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.
The last rating was given by Wells Fargo on Oct 14, 2022. The price target was changed from 280 to 230.Over the last 90 days, this security got 10 buy, 12 sell, and 1 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 -15.11% during the next 3 months and, with a 90% probability hold a price between $172.72 and $233.38 at the end of this 3-month period.
There are mixed signals in the stock today. The Tesla stock holds a buy signal from the short-term moving average; at the same time, however, the long-term average holds a general sell signal. Since the longterm average is above the short-term average there is a general sell signal in the stock giving a more negative forecast for the stock. On further gains, the stock will meet resistance from the long-term moving average at $266.67. On a fall, the stock will find some support from the short-term average at $217.56. A break-up through the long-term average will give another buy signal, while a fall below the short-term average will add another sell signal and strengthen the general signal. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). A buy signal was issued from a pivot bottom point on Friday, October 14, 2022, and so far it has risen 7.41%. 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.
Tesla finds support from accumulated volume at $219.35 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 very much during the day (volatility) and with a very large prediction interval from the Bollinger Band this stock is considered to be "very high risk". During the last day, the stock moved $12.57 between high and low, or 5.79%. For the last week, the stock has had daily average volatility of 6.87%.
Tesla is oversold on RSI14 (22). Some stocks may drop long and hard while being oversold on RSI before turning, which increases the general risk.
Tesla holds several negative signals and we believe that 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.