Tesla (TSLA) Stock Price Rises Above $400
According to the Tesla (TSLA) chart, the stock price increased by 2% on Monday, closing above the key psychological level of $400.
Bullish sentiment was driven by Morgan Stanley analysts raising their target price for Tesla (TSLA) from $400 to $430, citing the company's "highly promising" progress in autonomous vehicle (AV) technology.
From a technical analysis perspective, this upward move is notable. Applying a linear regression trend channel from early November, when Teslas stock began a sharp rise following news of Trumps victory (supported by Elon Musk), reveals:
a reversal upward from the lower boundary of the trend channel;
the potential for an upward breakout through the resistance of the red descending trend line, which formed as the price declined from the record high near $488 on December 18.
This suggests that bulls may be attempting to resume movement within the regression channel. If successful, a reasonable target could be the median line of the channel, implying a potential price increase towards $450, with resistance at $426 being a key level to watch.
According to TipRanks:
13 out of 34 analysts recommend buying TSLA stock.
The average 12-month price target for TSLA is $323.56.
Read more: https://fxopen.com/blog/en/oa-tesla-tsla-stock-price-rises-above-400/
Text source: Forex Trading Blog
