Tesla stock upgraded from Buy Candidate to Strong Buy Candidate after Monday trading session.StockInvest.us, 1 week ago
The Tesla stock price gained 1.74% on the last trading day (Monday, 22nd Nov 2021), rising from $1 137.06 to $1 156.87. , and has now gained 6 days in a row. It is not often that stocks manage to gain so many days in a row, and falls for a day or two should be expected. During the day the stock fluctuated 6.14% from a day low at $1 132.43 to a day high of $1 201.95. The price has risen in 6 of the last 10 days, but is still down by -0.52% for this period. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 11 million more shares were traded than the day before. In total, 32 million shares were bought and sold for approximately $37.46 billion.
On Nov 10, 2021 "Bank of America" gave "$1,000.00 - $1,200.00" rating for TSLA. The price target was set to $1,063.45+3.9%.
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 60.88% during the next 3 months and, with a 90% probability hold a price between $1 651.85 and $2 129.79 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 $1 082.98 and $995.25. A breakdown below any of these levels will issue sell signals. 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, November 04, 2021, and so far it has fallen -5.94%. Further fall is indicated until a new bottom pivot has been found. 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 $1 024.86 and $1 023.50.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 $1 024.86. If this is broken, then the next support from accumulated volume will be at $1 023.50 and $1 018.43.
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 $69.52 between high and low, or 6.14%. For the last week, the stock has had a daily average volatility of 5.07%.
Since the Tesla has been rising for 6 days in a row, the risk over the next couple of days has increased. We don't expect a major reaction as the stock is in very good shape technically, and therefore hold a positive evaluation despite the very short term risk.
Tesla holds several positive signals and is within a strong rising trend. As the old saying says, "Let the trend be your friend.'". 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.