Tesla (TSLA) Stock Price and Forecast: Why the stock is set to break $780
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CLAIM OFFER- Tesla stock makes steady gains despite market weakness.
- TSLA is ready to test the $780 resistance level.
- Elon Musk asks workers to go super hardcore for delivery push-Reuters.
Tesla stock again outperformed the broad market on Thursday and closed just in the green, while the main indices closed in the red. Tesla shares were pretty steady for much of Thursday's session with little volatility. The stock had been boosted on Wednesday by news of Chinese delivery data for Tesla. The company delivered 44,264 China-made cars in August, an increase from sales of 32,968 in July, according to the China Passenger Car Association. Chinese demand for electric vehicles appears to still be growing strongly as Reuters reported that Chinese sales of China-made electric vehicles rose nearly 50% in August.
Cathy Wood is reported to be taking some profits in Tesla as her ARK funds have apparently sold nearly $138 million worth of Tesla shares over the last two sessions. It should be noted, however, that this is likely some fund tweaking as ARK holds much larger positions in the stock. To put it into perspective the sales amount is circa 180,000 shares, the volume in Tesla yesterday was over 14 million shares traded, so it is just a small change.
Elon Musk tweeted on Thursday that a Model S Plaid just set a new lap record at the Nurburgring track in Germany.
Tesla key statistics
| Market Cap | $745 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 stock forecast
Holding above $741 is now our key short-term trading level. Above this we are bullish on the stock with $780 the interim target for resistance. This $741 level also correlates nicely with where the 9-day moving average will sit today. We can clearly see the up channel that Tesla is trading in, and $780 is close to the top of the channel. Volume remains light above $750, so it should set Tesla up for further gains.
The call: bullish above $741, less bullish until $730, neutral below $730, turning slightly bearish on a break below $700. There will be an opportunity to buy the dip at $741 with a stop around $730.
- Tesla stock makes steady gains despite market weakness.
- TSLA is ready to test the $780 resistance level.
- Elon Musk asks workers to go super hardcore for delivery push-Reuters.
Tesla stock again outperformed the broad market on Thursday and closed just in the green, while the main indices closed in the red. Tesla shares were pretty steady for much of Thursday's session with little volatility. The stock had been boosted on Wednesday by news of Chinese delivery data for Tesla. The company delivered 44,264 China-made cars in August, an increase from sales of 32,968 in July, according to the China Passenger Car Association. Chinese demand for electric vehicles appears to still be growing strongly as Reuters reported that Chinese sales of China-made electric vehicles rose nearly 50% in August.
Cathy Wood is reported to be taking some profits in Tesla as her ARK funds have apparently sold nearly $138 million worth of Tesla shares over the last two sessions. It should be noted, however, that this is likely some fund tweaking as ARK holds much larger positions in the stock. To put it into perspective the sales amount is circa 180,000 shares, the volume in Tesla yesterday was over 14 million shares traded, so it is just a small change.
Elon Musk tweeted on Thursday that a Model S Plaid just set a new lap record at the Nurburgring track in Germany.
Tesla key statistics
| Market Cap | $745 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 stock forecast
Holding above $741 is now our key short-term trading level. Above this we are bullish on the stock with $780 the interim target for resistance. This $741 level also correlates nicely with where the 9-day moving average will sit today. We can clearly see the up channel that Tesla is trading in, and $780 is close to the top of the channel. Volume remains light above $750, so it should set Tesla up for further gains.
The call: bullish above $741, less bullish until $730, neutral below $730, turning slightly bearish on a break below $700. There will be an opportunity to buy the dip at $741 with a stop around $730.
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