Could TSLA hit $ 964 on Tuesday?

  • Tesla stock hit our near-term target of $ 910 on Monday.
  • TSLA shares even closed below $ 900 for the first time since October 21.
  • Expect a sharp rebound on Tuesday, but the trend is still down.

Tesla shares hit our near-term target on Monday as the electric vehicle leader closed below $ 900 for the first time since Hertz-induced power surged. To recap, in October, Hertz announced it would order 100,000 Tesla vehicles. Both stocks surged. There was some confusion with CEO Elon Musk tweeting that nothing had been signed, but shares still skyrocketed.

However, since Musk tweeted about selling 10% of his holdings in Tesla, this has been one-way traffic for shareholders. Peaking at $ 1,243 in early November, Tesla shares have fallen about 23% since then. We had identified this trend shortly after the initial tweet and called for a move to close the gap at $ 910. Now that we’ve reached our goal, it’s time for a reassessment.

TSLA stock chart, hourly

Tesla stock news

We expect a rebound today for Tesla, with global equity markets looking a bit more stable following Moderna’s (MRNA) comments on the effectiveness of their booster against Omicron. Senator Joe Manchin (D-WV) has also been on the leads with a more conciliatory tone, meaning that some form of the Build Back Better plan could go through Congress early next year.

On Monday, we highlighted the fact that Tesla was set to join the ranks of the NYPD, further bolstering its status as a New York yellow cab vehicle. A likely major competitor of Tesla this year and next, the Ford (F) Mustang Mach-E has also joined New York’s taxi fleet. The electric vehicle start-up Gravity manages the fleet. “Gravity’s first vehicle is a Ford Mustang Mach E – which makes Gravity the first fleet of taxis to include the Mach E. Gravity will also deploy a Tesla Model Y once final inspections are complete,” the startup said in a statement. communicated.

Tesla Stock Forecasts

Objective achieved, and now? Medium-term indicators are still bearish. A falling Relative Strength Index (RSI) that is not yet oversold mimics a similar movement of the Moving Average Convergence Divergence Indicator (MACD). Expect a rebound today, but the 9-day moving average at $ 964 is probably too far away. We expect this resistance to hold, and indeed the 9 day moving average has performed well, maintaining the downtrend since December 1st. There is another gap to close at $ 843, so this is the next target unless the 9- today’s moving average is broken. The next support to note before the gap at $ 843 is the 100-day moving average at $ 880.

TSLA daily chart

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