Tesla Stock Price and Forecast: TSLA still charges forward as market stumbles
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UNLOCK OFFER- Tesla stock ends the day green on Wednesday despite market weakness.
- TSLA broke out of range with a move through $730 this week.
- Now $780 is the next resistance/target for Tesla shares.
Tesla performed nicely on Wednesday even if the stock did only manage a 0.1% gain. The overall market sentiment and such notables as Apple fell over 1%, while meme stocks suffered pretty steep falls. Crypto stocks took a hit and not too many names were in the green at the close, but Tesla was one of those to close up on the day. Tesla is holding above the $730 level we had identified back in August, and the bullish trend is still intact. The move had appeared to stall, but a strong move on Tuesday saw the technical picture improve and drew some volume back into the bullish trend. This has been a grudging move higher for Tesla, but holding above $750 can provide some acceleration to the move as the volume gets lighter from there to the next resistance level at $780. Where Tesla is likely to struggle, however, is against the overall equity tide, which appears to be turning. After record runs across the board now that summer is over, equities are starting to slow and gains are less easy to sustain. The start of each month is also statistically the weaker time for stocks, and September is not great historically. That means there is plenty for Tesla bulls to ponder.
We remain bullish above $730 but would prefer not to break lower than $740. The move is not likely to be as quick from $750 to $780 as we had been hoping.
Wednesday saw an initial move lower rejected with the stock rallying for most of the afternoon to close back above $750. Weakness in Europe this morning and US futures pointing lower are likely to see a weaker opening on Thursday.
Tesla 2-minute chart
Tesla key statistics
| Market Cap | $745 billion |
| Price/Earnings | 354 |
| Price/Sales | 23 |
| Price/Book | 29 |
| Enterprise Value | $756 billion |
| Gross Margin | 22% |
| Net Margin |
6% |
| 52-week high | $900.40 |
| 52-week low | $329.88 |
| Average Wall Street Rating and Price Target | Hold, $711 |
Tesla stock forecast
Tesla remains bullish with the trend obvious, the trend channel intact, and the 9-day moving average acting as a short-term guide higher. The Moving Average Convergence Divergence (MACD) has crossed into a bullish zone. Short term we would like to see Tesla hold $740 as it took a while to break above. Support though remains at $730 from the previous tests to get through, and the 9-day moving average at $733. Breaking $740 puts the bullish trend in doubt, and breaking $730 puts the stock into neutral in our view. The 200-day moving average has provided support all summer and this is currently at $687, close to the lower part of the trend channel and a potential area for buying the dip if things turn lower.
- Tesla stock ends the day green on Wednesday despite market weakness.
- TSLA broke out of range with a move through $730 this week.
- Now $780 is the next resistance/target for Tesla shares.
Tesla performed nicely on Wednesday even if the stock did only manage a 0.1% gain. The overall market sentiment and such notables as Apple fell over 1%, while meme stocks suffered pretty steep falls. Crypto stocks took a hit and not too many names were in the green at the close, but Tesla was one of those to close up on the day. Tesla is holding above the $730 level we had identified back in August, and the bullish trend is still intact. The move had appeared to stall, but a strong move on Tuesday saw the technical picture improve and drew some volume back into the bullish trend. This has been a grudging move higher for Tesla, but holding above $750 can provide some acceleration to the move as the volume gets lighter from there to the next resistance level at $780. Where Tesla is likely to struggle, however, is against the overall equity tide, which appears to be turning. After record runs across the board now that summer is over, equities are starting to slow and gains are less easy to sustain. The start of each month is also statistically the weaker time for stocks, and September is not great historically. That means there is plenty for Tesla bulls to ponder.
We remain bullish above $730 but would prefer not to break lower than $740. The move is not likely to be as quick from $750 to $780 as we had been hoping.
Wednesday saw an initial move lower rejected with the stock rallying for most of the afternoon to close back above $750. Weakness in Europe this morning and US futures pointing lower are likely to see a weaker opening on Thursday.
Tesla 2-minute chart
Tesla key statistics
| Market Cap | $745 billion |
| Price/Earnings | 354 |
| Price/Sales | 23 |
| Price/Book | 29 |
| Enterprise Value | $756 billion |
| Gross Margin | 22% |
| Net Margin |
6% |
| 52-week high | $900.40 |
| 52-week low | $329.88 |
| Average Wall Street Rating and Price Target | Hold, $711 |
Tesla stock forecast
Tesla remains bullish with the trend obvious, the trend channel intact, and the 9-day moving average acting as a short-term guide higher. The Moving Average Convergence Divergence (MACD) has crossed into a bullish zone. Short term we would like to see Tesla hold $740 as it took a while to break above. Support though remains at $730 from the previous tests to get through, and the 9-day moving average at $733. Breaking $740 puts the bullish trend in doubt, and breaking $730 puts the stock into neutral in our view. The 200-day moving average has provided support all summer and this is currently at $687, close to the lower part of the trend channel and a potential area for buying the dip if things turn lower.
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