Tesla stock upgraded to Hold/Accumulate.StockInvest.us, 4 months ago
The Tesla stock price fell by -0.89% on the last day (Friday, 28th May 2021) from $630.85 to $625.22. During the day the stock fluctuated 2.12% from a day low at $622.38 to a day high of $635.59. The price has been going up and down for this period, and there has been a 6.02% gain for the last 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, 23 million shares were bought and sold for approximately $14.12 billion.
Robert W. Baird is very positive about TSLA and gave it a "Buy" rating on May 27, 2021. The price target was set to $736.00.Over the last 30 days, this security got 2 buy, 0 sell, and 3 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 -6.70% during the next 3 months and, with a 90% probability hold a price between $479.99 and $685.48 at the end of this 3-month period.
A buy signal was issued from a pivot bottom point on Wednesday, May 19, 2021, and so far it has risen 10.96%. Further rise is indicated until a new top pivot has been found. 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. The Tesla stock holds a buy signal from the short-term moving average; at the same time, however, the long-term average holds a general sell signal. Since the longterm average is above the short-term average there is a general sell signal in the stock giving a more negative forecast for the stock. On further gains, the stock will meet resistance from the long-term moving average at $661.74. On a fall, the stock will find some support from the short-term average at $607.71. A break-up through the long-term average will give another buy signal, while a fall below the short-term average will add another sell signal and strengthen the general signal. 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 $621.44 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 $13.21 between high and low, or 2.12%. For the last week, the stock has had a daily average volatility of 3.77%.
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 Candidate to a Hold/Accumulate candidate.Check full Tesla forecast and analysis here.