TSLA Stock Price and Forecast: Tesla targets $910 next
Premium|Take advantage of 50% OFF on your first month.
Start your subscription and get access to all our original articles.
You have reached your limit of 5 free articles for this month.
Get Premium without limits for only $9.99 for the first month
Access all our articles, insights, and analysts.
UNLOCK OFFER- Tesla stock price closes below $1,000 for the first time since October 22.
- TSLA stock has been under pressure from Elon Musk selling stock.
- Tesla shares are likely to test support at $910 in our view.
Tesla (TSLA) shares finally closed below the psychological $1,000 support level on Monday. The shares had been threatening this for some time, and we anticipated the move yesterday after a few failures. It is a normal feature of support and resistance levels that the more times they are tested the more likely they are to fail. Tesla had been flirting with breaking below $1,000 ever since Elon Musk tweeted about selling shares. The level had been broken intraday on a few occasions since, but never had Tesla managed to close below it.
That was until yesterday. This feels like a significant break. The next obvious level in our view is the $910 support, which was formed from the "Hertz" effect – the price explosion when Hertz announced it was placing a huge order for Tesla cars.
Tesla (TSLA) chart, 15-minute
Tesla (TSLA) stock news
The chart above shows Tesla shares opened below $1,000 and never really managed any positive momentum through the session. Currently, more losses are being flagged in the premarket with the stock trading at $957. There was not any particular catalyst directly attributable to Tesla stock. Rather a combination of broad market weakness and profit-taking were the main factors at play, combined of course with the technical implications of breaking $1,000. Retail stocks were certainly under pressure with AMC and GME suffering large losses.
Tesla (TSLA) stock forecast
Closing below a key level is much more significant than an intraday breach. The next support, therefore, is the gap open from October 22 at $910. Already Tesla is indicating lower in Tuesday's premarket despite stock index futures and European markets looking positive. Both MACD and RSI are trending lower and signalling a likely continuation of the bearish trend in the short term.
Tesla daily chart
Like this article? Help us with some feedback by answering this survey:
- Tesla stock price closes below $1,000 for the first time since October 22.
- TSLA stock has been under pressure from Elon Musk selling stock.
- Tesla shares are likely to test support at $910 in our view.
Tesla (TSLA) shares finally closed below the psychological $1,000 support level on Monday. The shares had been threatening this for some time, and we anticipated the move yesterday after a few failures. It is a normal feature of support and resistance levels that the more times they are tested the more likely they are to fail. Tesla had been flirting with breaking below $1,000 ever since Elon Musk tweeted about selling shares. The level had been broken intraday on a few occasions since, but never had Tesla managed to close below it.
That was until yesterday. This feels like a significant break. The next obvious level in our view is the $910 support, which was formed from the "Hertz" effect – the price explosion when Hertz announced it was placing a huge order for Tesla cars.
Tesla (TSLA) chart, 15-minute
Tesla (TSLA) stock news
The chart above shows Tesla shares opened below $1,000 and never really managed any positive momentum through the session. Currently, more losses are being flagged in the premarket with the stock trading at $957. There was not any particular catalyst directly attributable to Tesla stock. Rather a combination of broad market weakness and profit-taking were the main factors at play, combined of course with the technical implications of breaking $1,000. Retail stocks were certainly under pressure with AMC and GME suffering large losses.
Tesla (TSLA) stock forecast
Closing below a key level is much more significant than an intraday breach. The next support, therefore, is the gap open from October 22 at $910. Already Tesla is indicating lower in Tuesday's premarket despite stock index futures and European markets looking positive. Both MACD and RSI are trending lower and signalling a likely continuation of the bearish trend in the short term.
Tesla daily chart
Like this article? Help us with some feedback by answering this survey:
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.