Tesla (TSLA) Stock Price And Forecast: Tesla Really Needs To Charge Above $730
Tesla looks like it finally gets something going and charges itself up. A bit of an obvious pun that one but the stock is starting to move already in the early pre-market on Tuesday. Bulls have been sharpening their horns over the extended weekend with more stimulus and more gains likely after Friday's poor jobs report. The likelihood now is that the Fed will put off its planned tapering until sometime next year and will be looking for further strong employment data to do so. The hint of a rate hike in 2022 is now off the table meaning equities remain the only game in town.
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Tesla has had its fair share of headwinds this summer which has seen the stock stuck in a choppy mood for the last number of months. Jumping on a trend has proven difficult with headwinds from China and US National Highway Transit Safety Authority on the cards. Just when we are thinking these headwinds were behind us Elon Musk tweets about a delay for the roadster due to those pesky supply chain issues we have been hearing so much about in 2021. Thankfully though Tesla stock did not get hit much this time, a sign of growing bullishness. The stock closed Friday at $733.57 and already is at $736.20 in Tuesday's premarket.
Tesla key statistics
| Market Cap | $726 billion |
| Price/Earnings | 354 |
| 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, $711 |
Tesla stock forecast
We have been banging on about this one for a while now and finally, something may be on the cards. Holding above $730 was the key level to open the door for a push to $780. After that, we will reassess how the move is going. Once Tesla gets above $750 the volume profile really thins out and should help the stock make further gains quickly. $780 is the high from April but volume remains thin until the stock gets to $850. Let's not get too excited here, one step at a time. Clearing $750 gets Tesla finally clear of the summer traffic and into clearer volume traffic.
If Tesla drops back below $730 we are neutral in our opinion and would not be getting involved until the 200-day moving average which has provided support several times over this quarter.
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Disclaimer: 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 ...
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