Investing in Tesla: Analyzing Increasing Pullback Risks for TSLA Stock
Saturday, 16 November 2024, 18:07
Analyzing Tesla's Stock Performance
After the recent price breakout, Tesla (NASDAQ: TSLA) stock may face a potential pullback based on the equity's technical setup. Tesla closed the week at $320.72, up 3.07%, and has gained significant investor interest amid the post-election rally that pushed it toward the $400 resistance.
Tesla's Technical Patterns
- Analysis shows a bearish counter-attack pattern on the weekly chart, a reversal signal that often arises near resistance zones.
- Bears are struggling to break the $340 resistance, indicating faltering bullish sentiment.
- A pullback or consolidation may be imminent.
Key Targets for TSLA
- Bulls need to reclaim the $340 level, while a fall could take TSLA down to $300 or lower.
- Crucial support exists around $307, with further declines possible below this level.
Fundamental Insights on Tesla
Despite technical challenges, Tesla's fundamentals remain bullish. Analysts expect Tesla to benefit from potential deregulation under the new administration, linking this to Elon Musk’s ambitious goals across sectors.
Analysts' Price Targets
- Jefferies analyst Philippe Houchois raised the stock target from $195 to $300.
- Wedbush analyst Dan Ives expects Tesla to thrive, setting a price target of $400.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.