TSLA Stock Price and Forecast: Tesla still aiming for more all-time highs

• Tesla stock gains another 1.7% on Monday to trade up to $1,156.87.
• TSLA stock remains in a strong uptrend as shortened week sees volume drop.
• Tesla shares are ready to break above $1,200 again and target $1,300.

Tesla (TSLA) posted another steady day on Monday as investors continue to be impressed by the adoption of electric vehicles into the mainstream and bet that it will come out the dominant player. Other EV stocks have also seen strong gains this month, with the IPO by Rivian (RIVN) a particular highlight and Lucid Motors (LCID) also benefitting. Tesla is the EV sector leader, so it tends to dominate the narrative and investment. Given the overall strength of the sector, it is no surprise it has remained so strong despite heavy selling by CEO Elon Musk. 

Tesla graph, 15-minute

Tesla (TSLA) stock news and price prediction

As we can see above, TSLA followed the mark lower on Monday after Jerome Powell was reconfirmed as Fed chair. Nothing too unexpected there, so it was a case of "buy the rumour, sell the fact" once again and this led Tesla to give up some earlier gains.

However, the stock was still strong as news of Tesla's $1 billion giga factory in Texas was made known due to a filing with the Texas Department of Listings & Regulation. Tesla is aiming to complete the factory by the end of the year. Tesla has also said it will move its headquarters to Austin, Texas, as it ramps up its presence in the Lonestar state. Tesla shares had earlier in Monday's session been boosted by news that Tesla's Model S Plaid is coming to China by March 2022. 

Cathie Wood remains on the sidelines as she continues to sell stock in Tesla. She is a heavy holder of the stock, but given the meteoric rise in the last month, it is no surprise to see recent selling by ARK funds. On Monday ARK sold over $200 million worth of Tesla. 

Tesla (TSLA) stock forecast

Looking at the short-term chart, Tesla has now entered a bit of resistance in the form of heavy volume. The volume profile bars on the right of our 30-minute chart below illustrate this. High volume means high price acceptance and usually means stability. It could also mean resistance and support depending on the move.

In this case Tesla faces resistance until $1,200 with a gap then until $1,225 and then the last bit of volume resistance until more all-time highs. $1,094 is strong support and then $1,072.

The daily chart still shows us that bulls are in charge so long as Tesla remains above $1,120. This is the second price explosion, and the 9-day moving average will sit here on the open. Below $1,000 is obviously strong support, and then $910 is the start of this recent parabolic move higher. 

TSLA 1-day chart