Tesla Stock To Hit $7000?
Tesla shares up 743% in 2020 included its December addition into the S&P 500 index and investors attaching a premium to electric vehicle manufacturers on the prospects of a Joe Biden presidency and his green energy agenda.
With Tesla hitting ARK's Cathie Wood's target two years ahead of schedule, the firm now has a $7,000 price target for Tesla, or $1,400 split adjusted, representing potential upside of 72% from Thursday's close.
But at HEFFX we are far more Bullish then that on TESLA, the expanding footprint of sales, a new Administration in Washington and growing legislative moves creating demand we see TSLA as high as $7000.
Tesla closed up 63.980 at 880.020. Volume was 99% below average (consolidating) and Bollinger Bands were 83% wider than normal.
Short-term traders should pay closer attention to buy/sell arrows while intermediate/long-term traders should place greater emphasis on the bullish or bearish trend reflected in the lower ribbon.
Summary
Tesla gapped up today (bullish) on light volume.
Possibility of a Common Gap which usually coincides with a lack of interest in the security.
Common Gaps are fairly irrelevant for forecasting purposes.
Four types of price gaps exist - Common, Breakaway, Runaway, and Exhaustion. Gaps acts as support/resistance.
Tesla is currently 151.5% above its 200-period moving average and is in an upward trend.
Volatility is low as compared to the average volatility over the last 10 periods.
Our volume indicators reflect moderate flows of volume into Tesla (mildly bullish).
Our trend forecasting oscillators are currently bullish on Tesla and have had this outlook for the last 34 periods.
Our momentum oscillator is currently indicating that Tesla is currently in an overbought condition.
Overall, the bias in prices is: Upwards.
A white body occurred (because prices closed higher than they opened).
During the past 10 bars, there have been 8 white candles and 2 black candles for a net of 6 white candles.
During the past 50 bars, there have been 29 white candles and 21 black candles for a net of 8 white candles.
A rising window occurred (where the top of the previous shadow is below the bottom of the current shadow).
This usually implies a continuation of a bullish trend.
There have been 8 rising windows in the last 50 candles--this makes the current rising window even more bullish.
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