Tesla stock price up 2.63% on Monday

The Tesla stock price gained 2.63% on the last trading day (Monday, 9th Sep 2024), rising from $210.73 to $216.27. During the last trading day the stock fluctuated 2.90% from a day low at $213.68 to a day high of $219.87. The price has been going up and down for this period, and there has been a -1.84% loss for the last 2 weeks. Volume fell on the last day by -43 million shares and in total, 67 million shares were bought and sold for approximately $14.47 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 Sep 05, 2024, it was reported that Morgan Stanley 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 6.20% during the next 3 months and, with a 90% probability hold a price between $209.67 and $291.08 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 $215.37 and $215.03. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Wednesday, August 07, 2024, and so far it has risen 12.78%. Further rise is indicated until a new top pivot has been found. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). 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 $215.99 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.

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 $6.19 between high and low, or 2.90%. For the last week, the stock has had daily average volatility of 6.00%.

Tesla holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development.