Tesla goes green as red splashes into markets
- 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|
|The net margin||
|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.