TSLA Stock Price and Forecast: Tesla shrugs off Nasdaq woes and charges through $780

Tesla stock continues its recent strong surge.
The EV leader breaks above $780 resistance on strong volume in a down day for stocks.
TSLA to have "most intense delivery week ever."

Ivan Brian FXStreet

Tesla (TSLA) stock continues to drive higher and break key levels in the process. Thankfully, FXStreet has been guiding you higher along with the stock price and has seen some key technical levels serve their expected role and volume gaps working exactly as they are supposed to. Monday saw a particularly strong performance from Tesla as the overall market was lower and tech and Nasdaq stocks took a bath due to higher yields. Tesla stock though surged ahead by over 2% to close above the big $780 resistance at $791.36. This set a new high not seen since the middle of February this year.

As we can clearly see from the 15-minute intraday chart above, this was a solid steady move from the open with TSLA stock closing near the high of the day.

Tesla key statistics

Market Cap	$783 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 (TSLA) stock news

The main catalyst picked up on by traders appears to have been an email sent by Tesla CEO Elon Musk over the weekend. Electrek reported that the employee email flagged the "most intense delivery week ever." Delivery numbers are obviously closely watched by investors. Some caution must be heeded though as a report by Reuters suggests that supply chain issues are not going away as some Chinese suppliers to Tesla (TSLA) and Apple (AAPL) have been forced to temporarily halt production due to energy consumption policies.

Tesla (TSLA) stock forecast

The break above $780 was significant, and this will need to be consolidated upon. The news mentioned above about supply chain issues may be seized upon by bears, but so long as Tesla (TSLA) holds the $780 level, then the bullish move is still in control. The last two positive days have been confirmed by a crossover in the Moving Average Convergence Divergence (MACD) and a rising Price Volume Trend (PVT) indicator.

FXStreet View: Bullish above $780, neutral $780 to $730.

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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