A series of analysts raised their price targets on Tesla (TSLA) this morning. Bernstein raised their price target from $325 to $730 and maintained a market-perform rating on the stock. Morgan Stanley raised their price target from $360 to $500 and maintained an underweight rating. Lastly, Cowen & Co raised their price target from $280 to $290 and maintained an underperform rating. Let’s see what the charts suggest.

Tesla (TSLA) Weekly Chart Grid – annotations by askSlim.com

At askSlim.com we use technical analysis to evaluate price charts of stocks, futures, and ETF’s. We use a combination of cycle, trend and momentum chart studies, on multiple timeframes, to present a “sum of the evidence” directional outlook in time and price.

 

askSlim.com Technical Briefing: The weekly cycle analysis suggests that TSLA is in a very positive intermediate-term pattern. Weekly momentum is firmly positive.

On the upside, there is a Fibonacci extension level at 1080. On the downside, there is an intermediate-term support zone from 724572. For the bears to regain control of the intermediate-term, we would likely need to see a weekly close below 464.

 

askSlim.com Sum of the Evidence: TSLA is in a very positive intermediate-term cycle pattern with positive momentum. Given these conditions, we would expect short-term sell-offs to be limited to the intermediate Fibonacci support zone beginning at 724. There is a likelihood the stock tests 1080 by June.

 

 

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