Tesla stock upgraded from Buy Candidate to Strong Buy Candidate after Friday trading session.StockInvest.us, 2 months ago
The Tesla stock price gained 2.75% on the last trading day (Friday, 24th Sep 2021), rising from $753.64 to $774.39. , and has now gained 5 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 day the stock fluctuated 4.06% from a day low at $744.56 to a day high of $774.80. The price has risen in 9 of the last 10 days and is up by 5.18% 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, 9 million more shares were traded than the day before. In total, 21 million shares were bought and sold for approximately $16.45 billion.
On September 23, 2021 "Tudor, Pickering, Holt & Co." gave "$537.00" rating for TSLA. The price target was set to $753.79+0.2%.
The stock has broken the strong rising the short-term trend up and an even stronger rate of rising is indicated. For any reaction back there will now be support on the roof on the current trend broken at $773.38, a level that may pose a second chance to hit a runner. According to fan-theory $835.03 will be the next possible trend-top level and thereby pose a resistance level that may not be broken at the first attempt.
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 $752.29 and $725.08. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Tuesday, August 17, 2021, and so far it has risen 16.33%. 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 $709.67 and $671.87.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 $709.67. If this is broken, then the next support from accumulated volume will be at $671.87 and $644.78.
This stock is usually traded at a good volume, and with minor daily changes, the risk is considered to be low. During the last day, the stock moved $30.24 (4.06%) between high and low. For the last week, the stock has had a daily average volatility of 2.52%.
Tesla holds several positive signals and has broken the strong rising trend up. As the stock is also in great technical shape we, therefore, consider it to be a good choice at these current levels and we are expecting further gains during the next 3 months.We have upgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Strong Buy candidate.Check full Tesla forecast and analysis here.