Tesla stock upgraded to Strong Buy Candidate

The Tesla stock price gained 3.80% on the last trading day (Friday, 22nd Nov 2024), rising from $339.64 to $352.56. During the last trading day the stock fluctuated 5.61% from a day low at $337.70 to a day high of $356.64. The price has risen in 6 of the last 10 days and is up by 9.76% 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, 30 million more shares were traded than the day before. In total, 87 million shares were bought and sold for approximately $30.83 billion.

On Oct 29, 2024, it was reported that Barclays gave TSLA a "Equal-Weight" grade with a "hold" action.

The stock has broken the very wide and strong rising the short-term trend up and an even stronger rate of rising is indicated. For any reaction back there will now be support on the roof on the current trend broken at $328.84, a level that may pose a second chance to hit a runner. According to fan-theory $406.11 will be the next possible trend-top level and thereby pose a resistance level that may not be broken at the first attempt.

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 $335.84 and $271.54. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Wednesday, October 23, 2024, and so far it has risen 65.02%. 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 $350.00 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 very much during the day (volatility) and with a very large prediction interval from the Bollinger Band this stock is considered to be "very high risk". During the last day, the stock moved $18.94 between high and low, or 5.61%. For the last week, the stock has had daily average volatility of 4.62%.

The Tesla stock is extremely overbought on RSI14 (77). Normally this may pose a good selling opportunity but since the stock has broken the trend up, the chance for a major correction due to high RSI is very small as the stock will find support at the trend broken.

Several short-term signals are positive and the stock has broke the rising trend up, which indicates an even stronger rate of rising. We conclude that the current level may hold a buying opportunity as there is a fair chance for Tesla stock to perform well in the short-term period.We have upgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Strong Buy candidate.