Tesla stock upgraded from Hold/Accumulate to Buy Candidate after Thursday trading session.StockInvest.us, 2 months ago
The Tesla stock price gained 3.73% on the last trading day (Thursday, 17th Mar 2022), rising from $840.23 to $871.60. , and has now gained 4 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 5.97% from a day low at $825.72 to a day high of $875.00. The price has been going up and down for this period, and there has been a 3.85% gain for the last 2 weeks. Volume fell on the last day by -6 million shares and in total, 22 million shares were bought and sold for approximately $19.18 billion. You should take into consideration that falling volume on higher prices causes divergence and may be an early warning about possible changes over the next couple of days.
On Feb 28, 2022 "Sanford C. Bernstein" gave "$300.00 - $450.00" rating for TSLA. The price target was set to $870.43+7.5%.
The stock lies in the middle of a very wide and falling trend in the short term and further fall within the trend is signaled.Given the current short-term trend, the stock is expected to fall -23.92% during the next 3 months and, with a 90% probability hold a price between $520.89 and $720.31 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.
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 $824.67 and $860.99. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Wednesday, February 23, 2022, and so far it has risen 14.08%. 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 fell during the last trading day despite gaining prices. This causes a divergence between volume and price and it may be an early warning. The stock should be watched closely.
Tesla finds support from accumulated volume at $846.35 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 $49.28 between high and low, or 5.97%. For the last week, the stock has had a daily average volatility of 5.91%.
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.