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The Tesla stock price gained 1.25% on the last trading day (Friday, 14th Jul 2023), rising from $277.90 to $281.38. It has now gained 4 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 3.25% from a day low at $276.31 to a day high of $285.30. The price has risen in 7 of the last 10 days and is up by 9.27% over the past 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 10 million more shares were traded than the day before. In total, 120 million shares were bought and sold for approximately $33.66 billion.
Wedbush is very positive about TSLA. The price target was set to 225 (Feb 06, 2023).
The stock lies in the middle of a wide and strong 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 89.70% during the next 3 months and, with a 90% probability hold a price between $491.57 and $566.60 at the end of this 3-month period.
The Tesla stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock. Also, there is a general buy signal from the relation between the two signals where the short-term average is above the long-term average. On corrections down, there will be some support from the lines at $274.52 and $246.21. A breakdown below any of these levels will issue sell signals. 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. A sell signal was issued from a pivot top point on Wednesday, July 05, 2023, and so far it has fallen -0.389%. 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 $259.46 and $244.40.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 $259.46. If this is broken, then the next support from accumulated volume will be at $244.40 and $224.57.
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 $8.99 between high and low, or 3.25%. For the last week, the stock has had daily average volatility of 2.95%.
Several short-term signals, along with a general good trend, are positive and we conclude that the current level may hold a buying opportunity as there is a fair chance for Tesla stock to perform well in the short-term.
Check full Tesla forecast and analysis here.