Tesla goes green as red splashes into markets

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  • Tesla stock wins while others fall on Friday.
  • TSLA is still on the way to breaking the resistance of $ 780.
  • Manufacturers of electric vehicles are fighting Chinese regulatory fears.

Tesla shares outperformed the broader market on Friday, with the stock closing 0.33% higher to close at just under $ 760. This is a solid performance considering the whole market which fell by almost 1%. Cathy Wood is still selling Tesla, but that hasn’t shaken investor enthusiasm for the title. Friday was actually quite calm in the name with a range of around $ 10, despite quadruple witchcraft.

Tesla 15 minutes

The stock remains bullish but slowly soars, frustrating many. The y should stay above $ 740, break $ 760 quickly, then break $ 780.

Tesla key statistics

Market capitalization $ 728 billion
Prize / earnings 394
Price / Sales 23
Price / Reservation 29
Enterprise value $ 756 billion
Gross margin 22%
The net margin

6%

52 week high $ 900.40
52 week low $ 329.88
Wall Street average rating and target price Hold, $ 704

Tesla Stock Forecasts

$ 740 remains the key to the uptrend, but again we see the bullish movement weakening as the watchword is slow and steady. $ 760 is the main resistance that we would like to see broken as this is the highest mark from last week and a breakout that would keep momentum strong and likely attract more dynamic players to the stock. Tesla is a high beta stock, however, which means it moves more than the underlying index and the markets are starting to look more and more nervous. European markets are down nearly 2% on Monday and US futures are pointing sharply lower. This should see Tesla (TSLA) testing the $ 740 support and it is already trading at $ 744 in pre-release, albeit very slightly.

A retracement at $ 740 offers a buying opportunity as the overall trend is still bullish. But use a stop because the breakout of $ 740 ends the uptrend. The Moving Average Convergence Divergence (MACD) is flat showing indecision, but for now the Relative Strength Index (RSI) remains strong and tends to increase.

FXStreet view: Bullish above $ 740, neutral below. Bearish below $ 700.

FXStreet Trading Ideas: Buy the $ 740 plunge with a tight stop. Other buy zones cost $ 680 because the volume is high here and the 200 days is just above it.


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