Chart source: Tradingview.com
A quote from Goldman Sachs “ GS upgrade Tesla, says the stock has massive upside of over 30% ” This was reported last wednesday when it was trading around $560 and just last night Tesla came close to $650! 😀
We have seen close to a 40% rise in price since we posted but is this it for Tesla?? We think not yet. The upside for Tesla is still possible.
- Funds still have to buy in before Tesla is added to the S&P500 before or on 21st Dec. See our previous post for more details.
- Shortist will be pressured to cover if price continues to move up which will give the upwards move a push up.
Tesla has surpass our $600 target which is not surprising given how bullish the momentum is. From the charts, $650 seems like a resistance but if the bulls continue to charge on, we might see a push even to $700. Remember, we mentioned in our post that tesla is a tough stock to trade and we prefer to be invested in it rather than taking the spikes in volatility.