Tesla (TSLA) Stock Price and Forecast: Tesla stages a strong rebound as Model S Plaid rolls out

  • Tesla shares pop 2% on Thursday to $610.
  • TSLA shares boosted as the company says it will comply with new Chinese data security rules.
  • TSLA rolls out the 1,020 horsepower Model S Plaid, live-streamed on Thursday night.

TSLA shares caught a bid on Friday as the company rolled out the powerful 1,020 horsepower Model S Plaid at a live-streamed event on Thursday night from its Freemont factory in California. Elon Musk tweeted, "I love the yoke". Presumably, this referred to the car and not his eggs for breakfast. The vehicle is impressive with a top speed of 200 miles per hour and takes just 15 minutes to charge up to a 187-mile range. Tesla has canceled the Model S Plaid + as it believes the Plaid version is "just so good," according to Elon Musk. Separately on Thursday, Tesla said it will comply with all of China's new data security rules to protect customer rights, according to Reuters. 

Tesla stock forecast

Tesla shares staged a strongly bullish move on Thursday, closing up nearly two percent. Notably, the point of control was near the top of the day's range. The point of control is based on volume and shows the price level where the most volume occurred. Volume is a powerful indicator of sentiment and what the point of control attempts to show is where the fairest perceived price level was in a given time period. In the case of Tesla (TSLA), being at the top of the day's range shows even bears accepted the price going higher on Thursday. No indicator is perfect, but it attempts to show the most important price levels.

Since December we can see from the chart below the point of control is at $672, which corresponds to our stated resistance at $667. We can also see clearly from the volume profile on the right where the majority of volume has taken place in this time period and why the consolidation 2 zone is exactly that – a consolidation zone. The most volume has taken place at this price range, so it is deemed the fairest price zone. The market will generally move from one consolidation zone to a new consolidation zone. Some catalyst persuaded either bulls or bears that prices are not fair, and they are then pushed to a new zone where more investors or traders see relative value or fairness.

Again from below, we can see the significance of the $539 level. Below this, there is little price discovery or volume until we reach the bear target zone. This means a break of $539 is more likely to accelerate. This may make a useful options play as a sharp drop will see a volatility spike making puts more expensive. $539 and $667 remain the key pivot points, but with Thursday's strong performance, the point of control being to the top of the daily range and TSLA retaking the 9-day moving average give more credence to the bullish case. As ever this is a battle zone or fair zone with the 200-day moving average further adding to the importance. A breakout will come eventually. 


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. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Feed news

GME stock positioned for another short squeeze

Get the full analysis and chart in our Insights. Upgrade to Premium today    

Latest Forex News

Latest Forex News

Editors’ Picks

EUR/USD looks to 1.2200 amid weaker US Treasury yields, risk-on mood

EUR/USD is advancing towards 1.2200 amid the US dollar’s weakness on softer Treasury yields. Dovish Fed expectations continue to persist despite hotter US inflation. The euro benefits from the ECB’s progressive economic outlook.


GBP/USD: Upside remains capped below 1.4200 on disappointing UK GDP

GBP/USD is trading below 1.4200, keeping its range intact after the UK GDP missed estimates with 2.3% in April. The cable shrugs off a softer US dollar amid a cautious sentiment ahead of the G7 meeting and fresh chatters over a delay in the UK reopening.


XAU/USD drops back below $1900, as US dollar rebounds ahead of data

Gold price has retraced below the $1900 mark once again, having tested Tuesday’s high near $1903. The latest leg down in gold price comes on the back of a tepid bounce staged by the US dollar, as the Treasury yields trim losses across the curve.

Gold News

Ethereum price prepares for a bullish weekend, targeting $3,000

Ethereum price seems prime to revisit $3,000. Although ETH faces resistance at $2,300, the upswing seems imminent. A downswing below $2,000 could invalidate the bullish thesis. 

Read more

Hot Inflation is warming the seat for the June FOMC

Americans are seeing the fastest price increases since their seventh-graders were born as inflation builds into the US economy from the disruptions of the pandemic lockdowns. Core CPI at 3.8% is the steepest gain in 29 years.

Read more