Tesla stock upgraded from Sell Candidate to Buy Candidate after Thursday trading session.StockInvest.us, 1 month ago
The Tesla stock price gained 4.69% on the last trading day (Thursday, 29th Jul 2021), rising from $646.98 to $677.35. , and has now gained 3 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 5.38% from a day low at $648.80 to a day high of $683.69. The price has been going up and down for this period, and there has been a 4.11% 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, 14 million more shares were traded than the day before. In total, 30 million shares were bought and sold for approximately $20.11 billion.
On July 29, 2021 "DZ Bank" gave "$750.00" rating for TSLA. The price target was set to $646.98+0.3%.Over the last 30 days, this security got 3 buy, 1 sell, and 0 hold ratings.
The stock lies in the middle of a 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 7.08% during the next 3 months and, with a 90% probability hold a price between $642.83 and $755.21 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 $653.52 and $649.67. 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 Monday, June 28, 2021, and so far it has fallen -1.65%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 months Moving Average Convergence Divergence (MACD).
On the downside, the stock finds support just below today's level from accumulated volume at $617.20 and $571.69.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 $617.20. If this is broken, then the next support from accumulated volume will be at $571.69 and $563.46.
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 $34.89 (5.38%) between high and low. For the last week, the stock has had a daily average volatility of 3.83%.
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.We have upgraded our analysis conclusion for this stock since the last evaluation from a Sell to a Buy candidate.Check full Tesla forecast and analysis here.