Tesla (TSLA) Stock Price and Forecast: Tesla shrugs off Bitcoin woes to turn green on Tuesday
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UNLOCK OFFER- Tesla shares boosted by Nasdaq bounce on Tuesday.
- TSLA also helped as Bitcoin bounces back above $30k
- Broad market rallied as the afternoon passed.
Update: Tesla recovered some ground on Tuesday as the stock bounced from early losses to finish modestly higher on the day. The shares closed at $623.50 for a gain of 0.43%. News that Tesla is to honour orders made at a lower price point for the Model S Plaid+ and that Tesla is launching Tesla Energy in China also helped sentiment. To cap it off a report by investment bank Piper said on Tuesday that by 2040 94% of all car sales will be electric.
Tesla shares rallied on Monday from intraday session lows as the broad market decided "buy the dip" still works. Tesla bottomed out early on Monday as sentiment was still negative after the Fed and Bullard double act last Thursday and Friday. But the "buy the dip" strategy appeared to work again as traders stepped in to defend the main indices, leading to an afternoon rally. As we can see from the 15-minute chart below, Tesla joined the rollercoaster and ended up closing only slightly down on the day at $620.71.
Tesla key statistics
| Market Cap | $600 billion |
| Price/Earnings | 624 |
| Price/Sales | 19 |
| Price/Book | 26 |
| Enterprise Value | $753 billion |
| Gross Margin | 21% |
| Net Margin |
3% |
| Average Wall Street Rating and Price Target | Hold, $652 |
Tesla stock forecast
Monday's price action in Tesla maintains the recent but tentative bullish trend. The 9 and 21-day moving averages are just holding TSLA stock, but they are more or less flatlining, so the trend is not too strong. The Relative Strength Index (RSI) and Commodity Channel Index (CCI) are neutral and also flatlining so at least confirming the trend. $635 is the level to target, and a break of that should see $667 tested. From $667 to $715 there is a lot of volume, so it will be tough for Tesla to get through that zone.
Breaking the 9 and 21-day moving averages and the lower trend channel at $600 would likely see Tesla shares test the key $539 level. Below here is a vacuum of volume, which will most likely see the price accelerate sub-$500.
Overall, the risk reward is pretty neutral right now as Tesla looks for direction. A break of $539 would likely see an acceleration in price. Buying a $520 put might be a useful option. Alternatively, buying a $640 call might also work again after looking for a break of $635 to accelerate. Buying both is a strangle strategy.
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- Tesla shares boosted by Nasdaq bounce on Tuesday.
- TSLA also helped as Bitcoin bounces back above $30k
- Broad market rallied as the afternoon passed.
Update: Tesla recovered some ground on Tuesday as the stock bounced from early losses to finish modestly higher on the day. The shares closed at $623.50 for a gain of 0.43%. News that Tesla is to honour orders made at a lower price point for the Model S Plaid+ and that Tesla is launching Tesla Energy in China also helped sentiment. To cap it off a report by investment bank Piper said on Tuesday that by 2040 94% of all car sales will be electric.
Tesla shares rallied on Monday from intraday session lows as the broad market decided "buy the dip" still works. Tesla bottomed out early on Monday as sentiment was still negative after the Fed and Bullard double act last Thursday and Friday. But the "buy the dip" strategy appeared to work again as traders stepped in to defend the main indices, leading to an afternoon rally. As we can see from the 15-minute chart below, Tesla joined the rollercoaster and ended up closing only slightly down on the day at $620.71.
Tesla key statistics
| Market Cap | $600 billion |
| Price/Earnings | 624 |
| Price/Sales | 19 |
| Price/Book | 26 |
| Enterprise Value | $753 billion |
| Gross Margin | 21% |
| Net Margin |
3% |
| Average Wall Street Rating and Price Target | Hold, $652 |
Tesla stock forecast
Monday's price action in Tesla maintains the recent but tentative bullish trend. The 9 and 21-day moving averages are just holding TSLA stock, but they are more or less flatlining, so the trend is not too strong. The Relative Strength Index (RSI) and Commodity Channel Index (CCI) are neutral and also flatlining so at least confirming the trend. $635 is the level to target, and a break of that should see $667 tested. From $667 to $715 there is a lot of volume, so it will be tough for Tesla to get through that zone.
Breaking the 9 and 21-day moving averages and the lower trend channel at $600 would likely see Tesla shares test the key $539 level. Below here is a vacuum of volume, which will most likely see the price accelerate sub-$500.
Overall, the risk reward is pretty neutral right now as Tesla looks for direction. A break of $539 would likely see an acceleration in price. Buying a $520 put might be a useful option. Alternatively, buying a $640 call might also work again after looking for a break of $635 to accelerate. Buying both is a strangle strategy.
Like this article? Help us with some feedback by answering this survey:
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