Bank of America has recently upgraded its rating on Tesla Inc. from 'Neutral' to 'Buy', highlighting a promising outlook for the electric vehicle giant. Analysts point to several growth drivers, including shorter timelines for launching new models, significant investments in artificial intelligence, and expanding autonomous driving technologies.
Tesla's CEO Elon Musk's recent visit to China also plays a crucial role in this positive shift. During his trip, Musk discussed the deployment of Tesla's fully autonomous driving (FSD) software and data transfer regulations with Chinese officials. Chinese state media notably reported Musk's meeting with Premier Li Qian in Beijing as a testament to the robust economic and trade cooperation between the US and China, further cementing Tesla's foothold in the Chinese market.
Given these developments, let's review the technical analysis of Tesla Inc. (NASDAQ: TSLA) for potential trading opportunities:
On the Daily (D1) timeframe, Tesla's stock demonstrates resistance at 175.90 USD and support at 138.80 USD. Last Wednesday's notable surge of 14.54% marked the most substantial one-day gain in three years, suggesting the possible onset of an uptrend. However, if the price resumes its previous downward trajectory, a target level of 111.05 USD could be expected.
For traders, breaching the resistance at 175.90 USD could offer an attractive buying opportunity, with a short-term target of 205.60 USD. In a medium-term perspective, holding a long position with a target of up to 233.80 USD may be advisable.
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Ideas and other content presented on this page should not be considered as guidance for trading or an investment advice. RoboMarkets bears no responsibility for trading results based on trading opinions described in these analytical reviews.
The material presented and the information contained herein is for information purposes only and in no way should be considered as the provision of investment advice for the purposes of Investment Firms Law L. 87(I)/2017 of the Republic of Cyprus or any other form of personal advice or recommendation, which relates to certain types of transactions with certain types of financial instruments.
Risk Warning: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69.88% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Tesla's CEO Elon Musk's recent visit to China also plays a crucial role in this positive shift. During his trip, Musk discussed the deployment of Tesla's fully autonomous driving (FSD) software and data transfer regulations with Chinese officials. Chinese state media notably reported Musk's meeting with Premier Li Qian in Beijing as a testament to the robust economic and trade cooperation between the US and China, further cementing Tesla's foothold in the Chinese market.
Given these developments, let's review the technical analysis of Tesla Inc. (NASDAQ: TSLA) for potential trading opportunities:
On the Daily (D1) timeframe, Tesla's stock demonstrates resistance at 175.90 USD and support at 138.80 USD. Last Wednesday's notable surge of 14.54% marked the most substantial one-day gain in three years, suggesting the possible onset of an uptrend. However, if the price resumes its previous downward trajectory, a target level of 111.05 USD could be expected.
For traders, breaching the resistance at 175.90 USD could offer an attractive buying opportunity, with a short-term target of 205.60 USD. In a medium-term perspective, holding a long position with a target of up to 233.80 USD may be advisable.
—
Ideas and other content presented on this page should not be considered as guidance for trading or an investment advice. RoboMarkets bears no responsibility for trading results based on trading opinions described in these analytical reviews.
The material presented and the information contained herein is for information purposes only and in no way should be considered as the provision of investment advice for the purposes of Investment Firms Law L. 87(I)/2017 of the Republic of Cyprus or any other form of personal advice or recommendation, which relates to certain types of transactions with certain types of financial instruments.
Risk Warning: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69.88% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
