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Tesla stock price up 3.1% on Monday

StockInvest.us, 1 month ago

Tesla

The Tesla stock price gained 3.10% on the last trading day (Monday, 15th Aug 2022), rising from $900.09 to $927.96. , and 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 3.95% from a day low at $903.69 to a day high of $939.40. The price has risen in 7 of the last 10 days and is up by 4.05% 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, 3 million more shares were traded than the day before. In total, 30 million shares were bought and sold for approximately $27.56 billion.

Citigroup is very positive about TSLA and gave it a "$375.00 - $424.00" rating on Aug 02, 2022. The price target was changed from 375 to 424.Over the last 90 days, this security got 13 buy, 13 sell, and 0 hold ratings.

The stock lies in the upper part of a wide and strong rising trend in the short term, and this may normally pose a very good selling opportunity for the short-term trader as reaction back towards the lower part of the trend can be expected. A break-up at the top trend line at $938.08 will firstly indicate a stronger rate of rising.Given the current short-term trend, the stock is expected to rise 27.69% during the next 3 months and, with a 90% probability hold a price between $983.93 and $1197.84 at the end of this 3-month period.

Tesla

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 $879.54 and $790.68. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Thursday, June 16, 2022, and so far it has risen 45.15%. 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. 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 $815.12 and $711.11.There is 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 $815.12. If this is broken, then the next support from accumulated volume will be at $711.11 and $699.00.

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 $35.71 between high and low, or 3.95%. For the last week, the stock has had a daily average volatility of 4.65%.

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.