TSLA Analysis: Share Price Leads Stock Market Growth

FXOpen

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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This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.

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