Tesla stock upgraded to Hold/Accumulate.StockInvest.us, 2 months ago
The Tesla stock price gained 1.80% on the last trading day (Wednesday, 2nd Mar 2022), rising from $864.37 to $879.89. During the day the stock fluctuated 5.00% from a day low at $844.27 to a day high of $886.48. The price has been going up and down for this period, and there has been a -4.61% loss for the last 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 166 thousand more shares were traded than the day before. In total, 25 million shares were bought and sold for approximately $22.26 billion.
On Feb 28, 2022 "Sanford C. Bernstein" gave "$300.00 - $450.00" rating for TSLA. The price target was set to $870.43+7.5%.
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 -16.88% during the next 3 months and, with a 90% probability hold a price between $620.21 and $878.36 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.
A buy signal was issued from a pivot bottom point on Wednesday, February 23, 2022, and so far it has risen 15.16%. Further rise is indicated until a new top pivot has been found. 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. 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 $915.98. On a fall, the stock will find some support from the short-term average at $830.13. 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.
Tesla finds support from accumulated volume at $846.35 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 $42.21 between high and low, or 5.00%. For the last week, the stock has had a daily average volatility of 7.25%.
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.