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Tesla stock upgraded to Buy Candidate.

StockInvest.us, 3 weeks ago

Tesla

The Tesla stock price gained 4.97% on the last trading day (Thursday, 25th Apr 2024), rising from $162.13 to $170.18. It 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 last trading day the stock fluctuated 7.91% from a day low at $158.36 to a day high of $170.88. The price has fallen in 7 of the last 10 days and is down by -2.53% for this period. Volume fell on the last day by -55 million shares and in total, 124 million shares were bought and sold for approximately $21.15 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 Apr 25, 2024, it was reported that Deutsche Bank gave TSLA a "Hold" grade with a "hold" 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 -18.00% during the next 3 months and, with a 90% probability hold a price between $114.93 and $146.47 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.

Tesla

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 $153.07 and $167.96. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Monday, April 22, 2024, and so far it has risen 19.80%. Further rise is indicated until a new top pivot has been found. 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. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).

Tesla finds support from accumulated volume at $164.90 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.

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 $12.52 between high and low, or 7.91%. For the last week, the stock has had daily average volatility of 5.24%.

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.