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The Tesla stock price gained 4.90% on the last trading day (Thursday, 5th Sep 2024), rising from $219.41 to $230.17. During the last trading day the stock fluctuated 5.73% from a day low at $222.25 to a day high of $234.99. The price has been going up and down for this period, and there has been a 3.09% 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, 38 million more shares were traded than the day before. In total, 119 million shares were bought and sold for approximately $27.31 billion.
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 9.07% during the next 3 months and, with a 90% probability hold a price between $217.29 and $303.41 at the end of this 3-month period.
Mostly positive signals in the chart today. The Tesla stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock, but the stock has a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections down, there will be some support from the lines at $213.65 and $216.79. 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 20.03%. 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 is rising along with the price. This is considered to be a good technical signal.
On the downside, the stock finds support just below today's level from accumulated volume at $215.99 and $209.86.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 $215.99. If this is broken, then the next support from accumulated volume will be at $209.86 and $182.47.
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 $12.74 between high and low, or 5.73%. For the last week, the stock has had daily average volatility of 4.82%.
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.