Tesla Stock Forecast
Weaker technical forecast for Tesla as stock downgraded to Sell Candidate.
(Updated on Dec 01, 2023)
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The stock lies the upper part of a very wide and falling trend in the short term, and this may normally pose a very good selling opportunity for the short-term trader as reaction back towards the lower part of the trend can be expected. A break up at the top trend line at $244.71 will firstly indicate a slower falling rate, but may be the first sign of a trend shift. Given the current short-term trend, the stock is expected to fall -14.49% during the next 3 months and, with a 90% probability hold a price between $155.62 and $209.26 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.
TSLA Signals & Forecast
The Tesla 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 $239.36. On a fall, the stock will find some support from the long-term average at approximately $226.96. 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 Tuesday, November 28, 2023, and so far it has fallen -3.20%. Further fall is indicated until a new bottom pivot has been found. Volume fell together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements.
Support, Risk & Stop-loss for Tesla stock
Tesla finds support from accumulated volume at $237.41 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 $8.29 between high and low, or 3.57%. For the last week, the stock has had daily average volatility of 3.89%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (TSLA) For The Upcoming Trading Day Of Monday 4th
For the upcoming trading day on Monday, 4th we expect Tesla Inc. to open at $236.97, and during the day (based on 14 day Average True Range), to move between $228.79 and $248.87, which gives a possible trading interval of +/-$10.04 (+/-4.20%) up or down from last closing price. If Tesla Inc. takes out the full calculated possible swing range there will be an estimated 8.41% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $237.41 (0.59%) than the resistance at $242.84 (1.68%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Tesla Inc. stock A Buy?
Tesla 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: -1.321 Open Broker Account
Sell Candidate DowngradedPredicted Opening Price for Tesla Inc. of Monday, December 4, 2023
The predicted opening price is based on yesterday's movements between high, low, and closing price.
| Fair opening price December 4, 2023 | Current price |
|---|---|
| $236.97 | $238.83 (Overvalued) |
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Trading levels for TSLA
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 245.26 | 2.69 % | |
| R2 | 242.10 | 1.37 % | ||
| R1 | 240.14 | 0.549 % | ||
| Current price: | 238.83 | |||
| Support | S1 | 233.81 | -2.10 % | |
| S2 | 231.85 | -2.92 % | ||
| S3 | 228.68 | -4.25 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 273.58 | 14.55 % | |
| R2 | 246.72 | 3.30 % | ||
| R1 | 242.84 | 1.68 % | ||
| Current price | 238.83 | |||
| Support | S1 | 237.41 | -0.595% | |
| S2 | 220.11 | -7.84% | ||
| S3 | 212.08 | -11.20% |
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