Tesla stock upgraded to Strong Buy Candidate

The Tesla stock price gained 4.93% on the last trading day (Monday, 23rd Sep 2024), rising from $238.25 to $250.00. During the last trading day the stock fluctuated 3.34% from a day low at $241.92 to a day high of $250.00. The price has risen in 7 of the last 10 days and is up by 15.6% over the past 2 weeks. Volume fell on the last day by -14 million shares and in total, 85 million shares were bought and sold for approximately $21.13 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 Sep 23, 2024, it was reported that Barclays gave TSLA a "Positive" grade with a "hold" action.

The stockis at the upper part of a very wide and horizontal trend and normally this may pose a good selling opportunity but a break-up through the top trend line at $259.94 will give a strong buy signal and a trend shift could be expected.Given the current horizontal trend, you can expect Tesla stock with a 90% probability to be traded between $186.82 and $255.97 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 stock seldom manage to go directly from the bottom of a trend up to the top. Stock turning up in the middle of a horizontal trend are therefore considered to be potential runners.

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 $234.90 and $216.84. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Wednesday, August 07, 2024, and so far it has risen 30.37%. 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 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.

Tesla finds support from accumulated volume at $241.03 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 $8.08 between high and low, or 3.34%. For the last week, the stock has had daily average volatility of 3.88%.

Tesla holds several positive signals and is considered to be a good choice at current levels. We expect the Tesla stock to perform great in the short-term period.We have upgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Strong Buy candidate.