Tesla stock upgraded to Strong Buy Candidate

The Tesla stock price gained 3.46% on the last trading day (Monday, 2nd Dec 2024), rising from $345.16 to $357.09. During the last trading day the stock fluctuated 2.52% from a day low at $351.15 to a day high of $360.00. The price has been going up and down for this period, and there has been a 11.34% gain 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, 36 million more shares were traded than the day before. In total, 73 million shares were bought and sold for approximately $26.00 billion.

On Nov 29, 2024, it was reported that Wedbush gave TSLA a "Outperform" 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 $349.89, a level that may pose a second chance to hit a runner. According to fan-theory $431.97 will be the next possible trend-top level and thereby pose a resistance level that may not be broken at the first attempt.

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 $343.45 and $286.65. 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 67.14%. Further rise is indicated until a new top pivot has been found. 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. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).

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 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 $8.85 between high and low, or 2.52%. For the last week, the stock has had daily average volatility of 4.20%.

Tesla holds several positive signals and has broken the strong rising trend up. As the stock is also in great technical shape we, therefore, consider it to be a good choice at these current levels and we are expecting further gains during 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.