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Yesterday, TSLA's share price rose 7%, while the S&P 500 index also started the week positively, showing an increase of approximately 0.7%.
According to the media, the reason for the upward momentum was the fact that investment company Baird noted a number of positive factors that await Tesla in the 2nd half of the year, including the launch of Cybertruck. The company's analysts have set a Buy rating on TSLA shares with a target price of USD 300, which represents about 32% upside from Monday's closing price.
Bullish arguments:
→ The price of TSLA bounced off the support block formed by the lower border of the rising channel and the level of USD 215, which served as resistance in February.
→ The August 18 doji candle indicated that the market may have found an equilibrium of supply and demand after a series of bearish candles.
→ The price of the S&P 500 index found support near the lower border of the rising channel (see its construction, for example, in this post).
→ Yesterday's bullish momentum is the strongest since March this year, so it could spread to the following days.
Bearish arguments:
→ Former support at USD 241 looks capable of resisting the rising price of TSLA shares.
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