Tesla (TSLA) Stock Price and Forecast: Tesla gets ready to break out to $1300

Tesla finishes the week in positive territory with more gains.
TSLA stock forecast now looks for more record highs.
Tesla stock predictions upped by numerous commentators as resistance at $1120 is broken.

Ivan Brian FXStreet

Tesla (TSLA) continues to confound and push higher once again on Friday and in the process caught many who had been calling for a decline off guard. The market remains strong and the Tesla devotees remain convinced that the stock is worthy of further investment. Rivian (RIVN) set the EV sector on fire and Tesla has continued to benefit from renewed short-term sentiment. As we can see from the 15-minute chart below Tesla was solid throughout the session on Friday and closed on the high of the day, usually a bullish sign for the following day's session.

Tesla (TSLA) graph, 15 minute

TSLA stock news and forecast

Tesla CEO Elon Musk has once again over the weekend taken the Biden administration to task for failing to acknowledge Tesla as an electric vehicle leader when President Biden spoke last week about the switch to electric from the likes of Ford (F) and General Motors (GM). Elon Musk has had his run-ins with the Biden administration previously. News also out this morning is that the Model S Plaid will be available in China sometime around March. Electrek also reported over the weekend that Tesla had a nationwide app server outage and drivers were unable to connect to their vehicles. "Apologies, we will take measures to ensure this doesn't happen again," Musk said in response to a user on Twitter.

Tesla stock price chart

A strong and somewhat surprising move on Friday meant Tesla is now back on for fresh all-time highs. Breaking resistance at $1120 was key. The next and final resistance before new all-time highs is the high from November 9 at $1174.50. This is the crash caused by Elon Musk's Twitter poll. So breaking that means all is forgotten and let's just ignore the CEO selling 10% of his holding. Nothing to see here move on! Everything is moving in the right direction, Tesla (TSLA) is now back above the 9 and 21 day moving averages, the RSI is trending higher with price and stochastic gave a buy signal last week.

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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