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The Tesla stock price gained 2.39% on the last trading day (Wednesday, 26th May 2021), rising from $604.69 to $619.13. During the day the stock fluctuated 4.10% from a day low at $601.50 to a day high of $626.17. The price has been going up and down for this period, and there has been a 4.96% 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, 740 thousand more shares were traded than the day before. In total, 28 million shares were bought and sold for approximately $17.63 billion.
Wells Fargo & Company does not see either upside or downside right now giving TSLA "Equal Weight" on their last update on May 24, 2021. The price target was set to $590.00.Over the last 30 days, this security got 5 buy, 0 sell, and 4 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 -6.30% during the next 3 months and, with a 90% probability hold a price between $484.91 and $690.70 at the end of this 3-month period.
A buy signal was issued from a pivot bottom point on Wednesday, May 19, 2021, and so far it has risen 9.88%. Further rise is indicated until a new top pivot has been found. 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 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 $664.73. On a fall, the stock will find some support from the short-term average at $591.32. 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 months Moving Average Convergence Divergence (MACD).
Tesla finds support from accumulated volume at $617.20 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 much during the day (volatility) and with a large prediction interval from the Bollinger Band this stock is considered to be "high risk". During the last day, the stock moved $24.67 between high and low, or 4.10%. For the last week, the stock has had a daily average volatility of 4.06%.
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.