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

The Tesla stock price gained 0.552% on the last trading day (Monday, 2nd Oct 2023), rising from $250.22 to $251.60. It 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 last trading day the stock fluctuated 4.81% from a day low at $242.62 to a day high of $254.28. The price has been going up and down for this period, and there has been a -5.16% loss for the last 2 weeks. Volume fell on the last day by -5 million shares and in total, 123 million shares were bought and sold for approximately $31.06 billion. You should take into consideration that falling volume on higher prices causes divergence and may be an early warning about possible changes over the next couple of days.

On Sep 29, 2023, it was reported that Wedbush gave TSLA a "Outperform" grade with a "hold" action.

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 -8.52% during the next 3 months and, with a 90% probability hold a price between $186.13 and $248.12 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.

The Tesla stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock, but the stock has a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections down, there will be some support from the lines at $246.38 and $248.71. A breakdown below any of these levels will issue sell signals. Volume fell during the last trading day despite gaining prices. This causes a divergence between volume and price and it may be an early warning. The stock should be watched closely. Some negative signals were issued as well, and these may have some influence on the near short-term development. A sell signal was issued from a pivot top point on Thursday, September 14, 2023, and so far it has fallen -8.85%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).

Tesla finds support from accumulated volume at $240.50 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.

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 $11.66 between high and low, or 4.81%. For the last week, the stock has had daily average volatility of 3.96%.

Tesla holds several negative signals and this should be a sell candidate, but due to the general chance for a turnaround situation 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.