Tesla (TSLA) Weekly Stock Chart
A series of analysts raised their price targets on Tesla (TSLA) this morning.
Investors cheered the news and bought the stock, despite several analysts maintaining bearish stance / price targets.
Bernstein raised their price target from $325 to $730 and maintained a market-perform rating on the Tesla stock price.
Morgan Stanley raised their price target from $360 to $500 and maintained an underweight rating.
Lastly, Cowen & Co raised their price target from $280 to $290 and maintained an underperform rating.
Let’s see what the charts suggest.
At askSlim.com we use technical analysis to evaluate price charts of stocks, futures, and ETF’s. We use a combination of cycle, trend and momentum chart studies, on multiple timeframes, to present a “sum of the evidence” directional outlook in time and price.
askSlim Technical Briefing:
The weekly cycle analysis suggests that TSLA is in a very positive intermediate-term pattern. Weekly momentum is firmly positive.
On the upside, there is a Fibonacci extension level at 1080. On the downside, there is an intermediate-term support zone from 724 – 572. For the bears to regain control of the intermediate-term, we would likely need to see a weekly close below 464.
askSlim Sum of the Evidence:
TSLA is in a very positive intermediate-term cycle pattern with positive momentum. Given these conditions, we would expect short-term sell-offs to be limited to the intermediate Fibonacci support zone beginning at 724. There is a likelihood the stock tests 1080 by June.
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Any opinions expressed herein are solely those of the author, and do not in any way represent the views or opinions of any other person or entity.