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Weaker technical forecast for Tesla as stock downgraded to Hold/Accumulate.

StockInvest.us, 5 months ago

Tesla

The Tesla stock price fell by -0.40% on the last day (Monday, 21st Jun 2021) from $623.31 to $620.83. During the day the stock fluctuated 3.70% from a day low at $608.88 to a day high of $631.39. The price has been going up and down for this period, and there has been a 2.59% gain for the last 2 weeks. Volume has increased on the last day by 62 thousand shares but on falling prices. This may be an early warning and the risk will be increased slightly over the next couple of days. In total, 24 million shares were bought and sold for approximately $15.15 billion.

Canaccord Genuity is very positive about TSLA and gave it a "Buy" rating on June 14, 2021. The price target was changed from $974.00 to $812.00.Over the last 30 days, this security got 4 buy, 0 sell, and 1 hold ratings.

The stock lies in the middle of a very wide and falling trend in the short term and further fall within the trend is signaled.Given the current short-term trend, the stock is expected to fall -13.36% during the next 3 months and, with a 90% probability hold a price between $456.35 and $591.02 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.

Tesla

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 $613.22 and $612.75. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Thursday, June 03, 2021, and so far it has risen 8.38%. Further rise is indicated until a new top pivot has been found. Furthermore, there is a buy signal from the 3 months Moving Average Convergence Divergence (MACD). Some negative signals were issued as well, and these may have some influence on the near short-term development. Volume rose on falling prices yesterday. This may be an early warning and the stock should be followed more closely.

Tesla finds support from accumulated volume at $617.20 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.

This stock is usually traded at a good volume, and with minor daily changes, the risk is considered to be low. During the last day, the stock moved $22.51 (3.70%) between high and low. For the last week, the stock has had a daily average volatility of 3.08%.

Tesla holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development.Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Hold/Accumulate candidate.

Check full Tesla forecast and analysis here.