Tesla stock upgraded to Strong Buy Candidate.StockInvest.us, 3 months ago
The Tesla stock price gained 3.11% on the last trading day (Friday, 2nd Jun 2023), rising from $207.52 to $213.97. It has now gained 6 days in a row. It is not often that stocks manage to gain so many days in a row, and falls for a day or two should be expected. During the last trading day the stock fluctuated 3.57% from a day low at $209.75 to a day high of $217.24. The price has risen in 8 of the last 10 days and is up by 20.96% over the past 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 16 million more shares were traded than the day before. In total, 162 million shares were bought and sold for approximately $34.72 billion.
Wedbush is very positive about TSLA and gave it a "" rating on Feb 06, 2023. The price target was set to 225.
Given the current short-term trend, the stock is expected to fall -2.99% during the next 3 months and, with a 90% probability hold a price between $146.51 and $207.57 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.
Mostly positive signals in the chart today. The Tesla stock holds buy signals from both short and long-term moving averages giving a positive forecast for the stock. Also, there is a general buy signal from the relation between the two signals where the short-term average is above the long-term average. On corrections down, there will be some support from the lines at $198.16 and $175.87. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Wednesday, April 26, 2023, and so far it has risen 39.17%. 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.
Tesla finds support from accumulated volume at $207.46 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 $7.49 between high and low, or 3.57%. For the last week, the stock has had daily average volatility of 4.89%.
The Tesla stock is overbought on RSI14 and lies in the upper part of the trend. Normally this may pose a good selling opportunity for the short-term trader, but some stocks may go long and hard while being overbought. Regardless, the high RSI together with the trend position increases the risk and higher daily movements (volatility) should be expected. A correction down in the nearby future seems very likely and it is of great importance that the stock manages to break the trend before that occurs.Since the Tesla has been rising for 6 days in a row, the risk over the next couple of days has increased. We don't expect a major reaction as the stock is in very good shape technically, and therefore hold a positive evaluation despite the very short term risk.
Tesla holds several positive signals and despite the stock being in a falling trend, we considered it to be a good choice at these current levels. We expect Tesla stock will perform very well in the next 3 months. We have upgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Strong Buy candidate.Check full Tesla forecast and analysis here.