Tesla stock upgraded from Hold/Accumulate to Buy Candidate after Monday trading session.StockInvest.us, 2 months ago
The Tesla stock price fell by -0.32% on the last day (Monday, 27th Jun 2022) from $737.12 to $734.76. During the day the stock fluctuated 3.92% from a day low at $727.70 to a day high of $756.21. The price has been going up and down for this period, and there has been a 5.46% gain for the last 2 weeks. Volume fell on the last day along with the stock, which is actually a good sign as volume should follow the stock. On the last day, the trading volume fell by -2 million shares and in total, 30 million shares were bought and sold for approximately $21.82 billion.
The last rating was given by Credit Suisse on Jun 24, 2022. The price target was changed from 1125 to 1000.Over the last 90 days, this security got 13 buy, 10 sell, and 1 hold ratings.
Given the current short-term trend, the stock is expected to fall -39.50% during the next 3 months and, with a 90% probability hold a price between $277.05 and $444.53 at the end of this 3-month period. Do note, that if the stock price manages to stay at current levels or higher, our prediction target will start to change positively over the next few days as the conditions for the current predictions will be broken.
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 $698.01 and $717.91. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Tuesday, May 24, 2022, and so far it has risen 16.97%. Further rise is indicated until a new top pivot has been found. 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). Volume fell together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements.
Tesla finds support from accumulated volume at $728.00 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
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 $28.51 between high and low, or 3.92%. For the last week, the stock has had a daily average volatility of 5.39%.
Several short-term signals are positive, despite the stock being in a falling trend, we conclude that the current level may hold a buying opportunity as there is a fair chance for stock to perform well in the short-term. We have upgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Buy candidate.Check full Tesla forecast and analysis here.