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Tesla stock upgraded from Sell Candidate to Buy Candidate after Wednesday trading session.

StockInvest.us, 2 weeks ago

Tesla

The Tesla stock price gained 3.59% on the last trading day (Wednesday, 14th Sep 2022), rising from $292.13 to $302.61. During the last trading day the stock fluctuated 4.92% from a day low at $291.64 to a day high of $306.00. The price has risen in 7 of the last 10 days and is up by 8.97% 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, 4 million more shares were traded than the day before. In total, 72 million shares were bought and sold for approximately $21.90 billion.

Wolfe Research is very positive about TSLA and gave it a "" rating on Sep 06, 2022. The price target was set to 360.Over the last 90 days, this security got 13 buy, 13 sell, and 0 hold ratings.

The stock lies in the middle of a 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 31.66% during the next 3 months and, with a 90% probability hold a price between $367.80 and $443.36 at the end of this 3-month period.

Tesla

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 $292.32 and $292.24. A breakdown below any of these levels will issue sell signals. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). 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, August 15, 2022, and so far it has fallen -2.17%. Further fall is indicated until a new bottom pivot has been found.

On the downside, the stock finds support just below today's level from accumulated volume at $271.71 and $237.04.There is a 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 $271.71. If this is broken, then the next support from accumulated volume will be at $237.04 and $233.00.

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 $14.36 between high and low, or 4.92%. For the last week, the stock has had daily average volatility of 3.09%.

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.