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Tesla stock price up 3.89% on Wednesday

StockInvest.us, 1 month ago

Tesla

The Tesla stock price gained 3.89% on the last trading day (Wednesday, 10th Aug 2022), rising from $850.00 to $883.07. During the last trading day the stock fluctuated 4.99% from a day low at $850.11 to a day high of $892.53. The price has risen in 8 of the last 10 days and is up by 7.11% 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, 31 million shares were bought and sold for approximately $27.79 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, 14 sell, and 1 hold ratings.

The stock lies in the middle of a very 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 21.1% during the next 3 months and, with a 90% probability hold a price between $892.11 and $1134.01 at the end of this 3-month period.

Tesla

The Tesla stock holds a sell signal from the short-term moving average; at the same time, however, there is a buy signal from the long-term average. Since the short-term average is above the long-term average there is a general buy signal in the stock giving a positive forecast for the stock. On further gains, the stock will meet resistance from the short-term moving average at approximately $888.39. On a fall, the stock will find some support from the long-term average at approximately $775.33. A break-up through the short-term average will send a buy signal, whereas a breakdown through the long-term average will send a sell signal. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). 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 Thursday, August 04, 2022, and so far it has fallen -4.63%. Further fall is indicated until a new bottom pivot has been found.

On the downside, the stock finds support just below today's level from accumulated volume at $815.12 and $728.00.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 $728.00 and $663.90.

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 $42.42 between high and low, or 4.99%. For the last week, the stock has had a daily average volatility of 4.95%.

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.

Check full Tesla forecast and analysis here.