Tesla stock upgraded from Sell Candidate to Hold/Accumulate after Thursday trading session.

StockInvest.us, 2 months ago


The Tesla stock price gained 0.489% on the last trading day (Thursday, 16th May 2024), rising from $173.99 to $174.84. During the last trading day the stock fluctuated 2.54% from a day low at $171.43 to a day high of $175.79. The price has been going up and down for this period, and there has been a -2.87% loss for the last 2 weeks. Volume fell on the last day by -20 million shares and in total, 60 million shares were bought and sold for approximately $10.43 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 May 02, 2024, it was reported that Cantor Fitzgerald gave TSLA a "Overweight" grade with a "initialise" action.

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 -10.24% during the next 3 months and, with a 90% probability hold a price between $121.77 and $170.03 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. 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 $173.35 and $169.78. 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 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. 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, April 29, 2024, and so far it has fallen -9.90%. 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 $164.90 and $162.50.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 $164.90. If this is broken, then the next support from accumulated volume will be at $162.50 and $162.13.

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 $4.36 between high and low, or 2.54%. For the last week, the stock has had daily average volatility of 3.31%.

Tesla holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development.We have upgraded our analysis conclusion for this stock since the last evaluation from a Sell to a Hold/Accumulate candidate.

Check full Tesla forecast and analysis here.