Weaker technical forecast for Tesla as stock downgraded to Hold/Accumulate.StockInvest.us, 2 months ago
The Tesla stock price gained 0.49455984174086% on the last trading day (Friday, 8th Dec 2023), rising from $242.64 to $243.84. It has now gained 4 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 2.51% from a day low at $239.27 to a day high of $245.27. The price has risen in 6 of the last 10 days and is up by 3.56% over the past 2 weeks. Volume fell on the last day by -4 million shares and in total, 102 million shares were bought and sold for approximately $24.88 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 Nov 14, 2023, it was reported that Goldman Sachs gave TSLA a "Neutral" grade with a "hold" action.
The stockhas broken the very wide and falling short-term trend up. Firstly a slower falling rate is indicated, but this may very well be an early signal of a trend shift. On the reaction, there will be support on the roof of the current trend broken, which is $242.16, a level that may pose a second chance to hit a runner. According to fan-theory $302.91 will be the next possible trend-top level and thereby pose a resistance level that may not be broken at the first attempt.
There are mixed signals in the stock today. A sell signal was issued from a pivot top point on Tuesday, November 28, 2023, and so far it has fallen -1.17%. 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). 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 $239.87 and $226.31. 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.
Tesla finds support from accumulated volume at $242.84 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 $6.00 between high and low, or 2.51%. For the last week, the stock has had daily average volatility of 3.35%.
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.