Tesla Stock Price and Forecast: Is TSLA finally ready for $800 as Elon expects more chips?

Tesla stock charges on Friday to new five-month high.
TSLA is ready to smash through $780 resistance.
Tesla CEO Elon Musk says semiconductor chip shortage to end next year.

Ivan Brian FXStreet

Tesla stock surged higher on Friday, by far one of the biggest gainers among the mega tech names, as it closed at $774.39 for a 2.75% net gain on the session. The stock exploded out of the trap straight from the open of the regular session and pretty much kept on going throughout Friday. The stock closed within a few ticks of the high of the day, always a positive sign. The stock looks to be on a solid path now, having finally got rid of some tough volume-based resistance at $760. Tesla has been struggling to get above $760 for a while and had nearly five attempts to breach the level. Friday's move was definitive and sets Tesla up for more gains as it is now in an area of lower volume-based resistance, meaning price gains should be easier to achieve.

Tesla stock news

One of the main reasons for the strong move on Friday, as well as the technical aspect of breaking $760, were comments from Elon Musk about the chip shortages affecting the automobile industry. On Friday, Musk was asked how long the chip shortage would last. He responded, "Short term, I think." "There's a lot of chip fabrication plants that are being built," Musk said during a joint session with Stellantis (STLA.MI) and Ferrari (RACE.MI) Chairman John Elkann at Italian Tech Week. The stock liked those comments obviously.

Tesla key statistics

Market Cap	$767 billion
Price/Earnings	394
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, $704

Tesla stock forecast

The strong move has naturally turned us bullish, but we have been consistent in saying we wanted $760 to break before turning bullish. We can clearly see from the daily chart below the repeated attempt to get through here and how that and the low volume profile lead to a price explosion. We are most pleased with our repeated call last week: "Buy a short-dated call option if $760 is broken on high volume." That is exactly how it panned out. Now there is not much to stop Tesla (TSLA) from breaking above $780, which is the high from back in April. Volume does not increase until $840. The momentum indicators support the price move with similar trends. A retracement to $760 is fine, but it must hold.

FXStreet View: Bullish, neutral below $760.

Author

Ivan Brian

FXStreet

Ivan Brian started his career with AIB Bank in corporate finance and then worked for seven years at Baxter. He started as a macro analyst before becoming Head of Research and then CFO.

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