Weaker technical forecast for Tesla as stock downgraded to Hold/Accumulate.StockInvest.us, 1 month ago
The Tesla stock price gained 2.64% on the last trading day (Tuesday, 7th Sep 2021), rising from $733.57 to $752.92. , and has now gained 3 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 day the stock fluctuated 2.83% from a day low at $739.26 to a day high of $760.20. The price has risen in 7 of the last 10 days and is up by 6.6% 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, 5 million more shares were traded than the day before. In total, 20 million shares were bought and sold for approximately $14.89 billion.
On August 23, 2021 "Morgan Stanley" gave "C$900.00" rating for TSLA. The price target was set to $706.30+3.8%.
The stock lies in the middle of a wide and strong rising trend in the short term and a further rise within the trend is signaled.Given the current short-term trend, the stock is expected to rise 16.93% during the next 3 months and, with a 90% probability hold a price between $807.61 and $907.50 at the end of this 3-month period.
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 $733.07 and $696.88. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Tuesday, August 17, 2021, and so far it has risen 13.10%. 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). Volume is rising along with the price. This is considered to be a good technical signal.
On the downside, the stock finds support just below today's level from accumulated volume at $709.67 and $679.82.There is 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 $709.67. If this is broken, then the next support from accumulated volume will be at $679.82 and $644.78.
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 $20.94 between high and low, or 2.83%. For the last week, the stock has had a daily average volatility of 1.80%.
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.