Tesla, Inc. Stock Forecast
Weaker technical forecast for Tesla, Inc. as stock downgraded to Sell Candidate.
(Updated on May 15, 2024)
The Tesla, Inc. stock price fell by -2.13% on the last day (Wednesday, 15th May 2024) from 164.58€ to 161.08€. During the last trading day the stock fluctuated 4.86% from a day low at 159.70€ to a day high of 167.46€. The price has fallen in 7 of the last 10 days and is down by -7% for this period. Volume has increased on the last day by 29 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, 78 thousand shares were bought and sold for approximately 12.63€ million.
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 -11.10% during the next 3 months and, with a 90% probability hold a price between 112.39€ and 155.29€ 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.
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TL0.F Signals & Forecast
The Tesla, Inc. stock holds a sell signal from the short-term Moving Average; at the same time, however, there is a buy signal from the long-term average. Since the short-term average is above the long-term average there is a general buy signal in the stock giving a positive forecast for the stock. On further gains, the stock will meet resistance from the short-term Moving Average at approximately 161.69€. On a fall, the stock will find some support from the long-term average at approximately 158.22€. A break-up through the short-term average will send a buy signal, whereas a breakdown through the long-term average will send a sell signal. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). 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 Monday, April 29, 2024, and so far it has fallen -9.85%. Further fall is indicated until a new bottom pivot has been found. Volume rose on falling prices yesterday. This may be an early warning and the stock should be followed more closely.
Support, Risk & Stop-loss for Tesla, Inc. stock
On the downside, the stock finds support just below today's level from accumulated volume at 150.96€ and 149.80€. 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, Inc. finds support just below today's level at 150.96€. If this is broken, then the next support from accumulated volume will be at 149.80€ and 132.24€.
This stock may move much during the day (volatility) and with a large prediction interval from the Bollinger Band this stock is considered to be "high risk". During the last day, the stock moved 7.76€ between high and low, or 4.86%. For the last week, the stock has had daily average volatility of 3.79%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (TL0.F) For The Upcoming Trading Day Of Thursday 16th
For the upcoming trading day on Thursday, 16th we expect Tesla, Inc. to open at 162.75€, and during the day (based on 14 day Average True Range), to move between 153.46€ and 168.70€, which gives a possible trading interval of +/-7.62€ (+/-4.73%) up or down from last closing price. If Tesla, Inc. takes out the full calculated possible swing range there will be an estimated 9.46% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at 164.50€ (2.12%) than the support at 150.96€ (6.28%), our systems don't find the trading risk/reward intra-day attractive and any bets should be held until the stock is closer to the support level.
Is Tesla, Inc. stock A Buy?
Tesla, Inc. holds several negative signals and we believe that it will still perform weakly in the next couple of days or weeks. We, therefore, hold a negative evaluation of this stock. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Sell candidate.
Current score: -1.429 Sell Candidate Downgraded
Predicted Opening Price for Tesla, Inc. of Thursday, May 16, 2024
| Fair opening price May 16, 2024 | Current price |
|---|---|
| 162.75€ ( 1.03%) | 161.08€ |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for TL0.F
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 170.51 | 5.85 % | |
| R2 | 167.54 | 4.01 % | ||
| R1 | 165.71 | 2.87 % | ||
| Current price: | 161.08 | |||
| Support | S1 | 159.78 | -0.81 % | |
| S2 | 157.95 | -1.94 % | ||
| S3 | 154.99 | -3.78 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 178.68 | 10.93 % | |
| R2 | 173.20 | 7.52 % | ||
| R1 | 164.50 | 2.12 % | ||
| Current price | 161.08 | |||
| Support | S1 | 150.96 | -6.28% | |
| S2 | 149.80 | -7.00% | ||
| S3 | 132.24 | -17.90% |
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