Tesla stock upgraded from Sell Candidate to Hold/Accumulate after Wednesday trading session.StockInvest.us, 2 months ago
The Tesla stock price fell by -2.26% on the last day (Wednesday, 7th Jul 2021) from $659.58 to $644.65. and has now fallen 3 days in a row. During the day the stock fluctuated 4.29% from a day low at $638.32 to a day high of $665.70. The price has fallen in 6 of the last 10 days, but is still up by 3.36% over the past 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 -4 million shares and in total, 19 million shares were bought and sold for approximately $12.04 billion.
Canaccord Genuity is very positive about TSLA and gave it a "Buy" rating on July 05, 2021. The price target was set to $812.00.Over the last 30 days, this security got 3 buy, 1 sell, and 1 hold ratings.
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 -11.10% during the next 3 months and, with a 90% probability hold a price between $460.66 and $605.74 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 a sell signal from the short-term moving average; at the same time, however, there is a buy signal from the long-term average. Since the short-term average is above the long-term average there is a general buy signal in the stock giving a positive forecast for the stock. On further gains, the stock will meet resistance from the short-term moving average at approximately $672.89. On a fall, the stock will find some support from the long-term average at approximately $624.25. A break-up through the short-term average will send a buy signal, whereas a breakdown through the long-term average will send a sell signal. Furthermore, there is a buy signal from the 3 months Moving Average Convergence Divergence (MACD). 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 -6.40%. Further fall is indicated until a new bottom pivot has been found. 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 $617.20 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 $27.38 between high and low, or 4.29%. For the last week, the stock has had a daily average volatility of 3.54%.
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.