Tesla stock upgraded to Strong Buy Candidate

The Tesla stock price gained 2.87% on the last trading day (Tuesday, 10th Dec 2024), rising from $389.79 to $400.99. It has now gained 5 days in a row. It will be exciting to see whether it manages to continue gaining or take a minor break for the next few days. During the last trading day the stock fluctuated 4.83% from a day low at $390.85 to a day high of $409.72. The price has risen in 7 of the last 10 days and is up by 18.43% 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, 1 million more shares were traded than the day before. In total, 95 million shares were bought and sold for approximately $38.17 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 $399.39, a level that may pose a second chance to hit a runner. According to fan-theory $503.64 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 $373.70 and $313.46. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Thursday, November 14, 2024, and so far it has risen 28.86%. 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).

On the downside, the stock finds support just below today's level from accumulated volume at $350.00 and $328.64.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 $350.00. If this is broken, then the next support from accumulated volume will be at $328.64 and $321.22.

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 $18.87 between high and low, or 4.83%. For the last week, the stock has had daily average volatility of 4.82%.

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.