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The Tesla (TSLA) stock chart today shows that the price surged by more than 6% during yesterday’s trading session, driven by a strong retail sales report released the same day.
According to ForexFactory, analysts had expected Retail Sales to increase by 0.4% month-on-month. However, the actual data showed a 1.0% rise (for comparison, previous figures indicated a decline of -0.2%).
It seems that market participants interpreted this as a sign that Tesla's sales could also rise, propelling the electric vehicle manufacturer's stock to one of the top performers.
Technical analysis of Tesla (TSLA) chart today shows:
→ Amidst the broader market decline caused by recession fears that peaked on August 5, the price returned to the red descending channel. However, yesterday's movement pushed the price towards its upper boundary.
→ Bulls may break through the upper boundary of this channel and push the price into an ascending channel (shown in blue) for Tesla (TSLA) shares.
→ The strength of the bulls can be gauged by the price action around the psychological level of $200. If this level acted as resistance after August 5, its role changed on August 13 (as indicated by the arrow). The price made a bullish breakout, followed by a successful test the next day.
If events unfold positively, the $200 level could become the launchpad for a significant rally in Tesla (TSLA) shares.
According to the average opinion of analysts surveyed by TipRanks, the 12-month price target for Tesla (TSLA) shares is $211.46, indicating cautious optimism.
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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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