Tesla stock upgraded to Hold/Accumulate.

The Tesla stock price gained 0.0964% on the last trading day (Monday, 28th Aug 2023), rising from $238.59 to $238.82. During the last trading day the stock fluctuated 3.83% from a day low at $235.36 to a day high of $244.38. The price has been going up and down for this period, and there has been a -0.39% 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, 2 million more shares were traded than the day before. In total, 107 million shares were bought and sold for approximately $25.63 billion.

On Jul 28, 2023, it was reported that UBS gave TSLA a "Cautious" grade with a "downgrade" action.

The stock is moving within a very wide and horizontal trend and further movements within this trend can be expected. Given the current horizontal trend, you can expect Tesla stock with a 90% probability to be traded between $218.18 and $298.10 at the end of this 3-month period. A break of a horizontal trend is often followed by a large increase in the volume, and stocks seldom manage to go directly from the bottom of a trend up to the top. Stocks turning up in the middle of a horizontal trend are therefore considered to be potential runners.

A buy signal was issued from a pivot bottom point on Friday, August 18, 2023, and so far it has risen 10.83%. 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 $253.96. On a fall, the stock will find some support from the short-term average at $232.04. 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.

On the downside, the stock finds support just below today's level from accumulated volume at $224.57 and $217.61.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 $224.57. If this is broken, then the next support from accumulated volume will be at $217.61 and $213.97.

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 $9.02 between high and low, or 3.83%. For the last week, the stock has had daily average volatility of 4.28%.

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.