Tesla Stock Forecast
On Friday Tesla stock price gained impressive 6.24%
(Updated on Mar 31, 2023)
On Friday, 31st Mar 2023, the stock price of Tesla gained 6.24%, increasing from $195.28 to $207.46. This marks the third consecutive day of gains for the stock. During the day, the stock fluctuated 5.37%, ranging from $197.20 to $207.79. Over the past two weeks, the stock has risen 15.17%, and has gained in seven of the last ten days. The trading volume on the last day was higher than the day before, with 169 million shares traded for a total of $35.15 billion. This is a positive technical sign, as 60 million more shares were traded than the day before. It will be interesting to see if the stock continues to gain or takes a break in the coming days.
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The stock lies in the middle of a very 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 44.74% during the next 3 months and, with a 90% probability hold a price between $269.69 and $367.88 at the end of this 3-month period.
TSLA Signals & Forecast
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 $194.32 and $193.48. A breakdown below any of these levels will issue sell signals. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Volume is rising along with the price. This is considered to be a good technical signal. 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 Wednesday, February 15, 2023, and so far it has fallen -3.16%. Further fall is indicated until a new bottom pivot has been found.
Support, Risk & Stop-loss for Tesla stock
On the downside, the stock finds support just below today's level from accumulated volume at $189.98 and $177.90. 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 finds support just below today's level at $189.98. If this is broken, then the next support from accumulated volume will be at $177.90 and $160.27.
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 $10.59 between high and low, or 5.37%. For the last week, the stock has had daily average volatility of 3.52%.
Our recommended stop-loss: $198.71 (-4.22%) (This stock has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 31 days ago.)
Trading Expectations (TSLA) For The Upcoming Trading Day Of Monday 3rd
For the upcoming trading day on Monday, 3rd we expect Tesla Inc. to open at $204.15, and during the day (based on 14 day Average True Range), to move between $198.27 and $216.65, which gives a possible trading interval of +/-$9.19 (+/-4.43%) up or down from last closing price. If Tesla Inc. takes out the full calculated possible swing range there will be an estimated 8.85% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $208.31 (0.41%) than the support at $189.98 (8.43%), 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 holds several positive signals and is within a strong rising trend. As the old saying says, "Let the trend be your friend.'". We therefore consider it to be a good choice at these current levels and we are expecting further gains during the next 3 months. We have upgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Strong Buy candidate.
Current score: 6.157 Open Broker Account
Strong Buy Candidate UpgradedPredicted Opening Price for Tesla Inc. of Monday, April 3, 2023
The predicted opening price is based on yesterday's movements between high, low, and closing price.
| Fair opening price April 3, 2023 | Current price |
|---|---|
| $204.15 | $207.46 (Overvalued) |
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Trading levels for TSLA
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 214.74 | 3.51 % | |
| R2 | 210.69 | 1.56 % | ||
| R1 | 208.20 | 0.354 % | ||
| Current price: | 207.46 | |||
| Support | S1 | 200.10 | -3.55 % | |
| S2 | 197.61 | -4.75 % | ||
| S3 | 193.56 | -6.70 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 214.24 | 3.27 % | |
| R2 | 209.25 | 0.86 % | ||
| R1 | 208.31 | 0.410 % | ||
| Current price | 207.46 | |||
| Support | S1 | 189.98 | -8.43% | |
| S2 | 177.90 | -14.25% | ||
| S3 | 160.27 | -22.75% |
FAQ
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About Tesla Inc.
Tesla, Inc. designs, develops, manufactures, leases, and sells electric vehicles, and energy generation and storage systems in the United States, China, and internationally. The company operates in two segments, Automotive, and Energy Generation and Storage. The Automotive segment offers electric vehicles, as well as sells automotive regulatory credits. It provides sedans and sport utility vehicles through direct and used vehicle sales, a network... TSLA Profile
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