Tesla Stock (TSLA) Rallies As Analysts Raise Price Targets and Cycles Point Higher

Steve Miller
tesla stock chart image with analysis bullish higher price targets summer year 2020

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.

tesla stock indicators bullish tsla analysis forecast higher february march

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.