- Tesla continues to see support on dips, as Tuesday has seen a bit of a turnaround.
Tesla (TSLA)
Tesla has initially fallen a bit during early trading here on Tuesday, only to turn around and show signs of life. At this point in time, Tesla is interesting to me because we had broken down into a previous consolidation area, but it does look like we are trying to recover.
If we can jump over the $470 level, I think that's a very good sign, and it's very likely that Tesla finds itself rallying after that move. At that juncture, I'd anticipate Tesla rallying towards the $500 level. It is worth noting that recently sales in China and other places have been a little bit sluggish for Tesla, but that's true across all EVs.
Growth and Institutional Support
Quite frankly, this is a little blip on the radar, and it doesn't look like it's affecting the stock too much or the outlook. So, with all of that being said, I think you still have a momentum play here, and of course, Tesla is something that is owned in a lot of passive investment-type strategies and, of course, mutual funds, ETFs, things like that.
Top Regulated Brokers
Ultimately, I don't have any interest in shorting this market, at least not until we break well below the $400 level, something that we are nowhere near doing right now. I think part of what you may have seen over the last couple of days had nothing to do with sales in China or the US or anywhere else, but rather sales on Wall Street as traders were taking money out of the market before the end of the year.
I do think that once we start January, it will be one of the leaders yet again, and therefore, I do like this stock a lot. I have no interest in shorting, and I do think that eventually we break above $500, perhaps sometime in the month of January, maybe even February if we quiet down a bit, but this is a market that looks fairly well supported.
Ready to trade our stock market forecast and analysis? Here are the best CFD stocks brokers to choose from.