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Thursday, January 04, 2024 2:54:36 PM
Tesla (TSLA) Stock Has Technical Support in Place
By: Schaeffer's Investment Research | January 4, 2024
• TSLA just pulled back to several layers of support on the charts
• A round of upgrades could provide tailwinds as well
The shares of electric vehicle (EV) powerhouse Tesla Inc (NASDAQ:TSLA) just pulled back to the round $250 level, an area that coincides with its $800 billion market cap. There's additional support from its 126-day moving average that was supportive in August and resistant in November, as well as the October breakdown level from a trendline connecting April, August, and September lows. The $246.36 represents a 100% year-to-date gain for TSLA, and the shares are trading well above that mark heading into 2024.
It seems like the only thing going against Tesla stock is sector skepticism in the media in recent weeks. However, despite this suspicion, the security broke out above a trendline connecting lower highs from July to late-November. The brokerage bunch, meanwhile, is also hesitant on the EV stock, with 27 of 44 covering brokerages rating the equity a “hold.” A shift in analyst sentiment could help the shares move higher still.
Lastly, within the options market, total open interest (OI) is relatively low. In fact, total OI is below 80% of the readings from the past 12 months. Our recommended call option has a leverage ratio of 7.7, and will double on a 14.9% in the underlying equity.
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DiscoverGold
By: Schaeffer's Investment Research | January 4, 2024
• TSLA just pulled back to several layers of support on the charts
• A round of upgrades could provide tailwinds as well
The shares of electric vehicle (EV) powerhouse Tesla Inc (NASDAQ:TSLA) just pulled back to the round $250 level, an area that coincides with its $800 billion market cap. There's additional support from its 126-day moving average that was supportive in August and resistant in November, as well as the October breakdown level from a trendline connecting April, August, and September lows. The $246.36 represents a 100% year-to-date gain for TSLA, and the shares are trading well above that mark heading into 2024.
It seems like the only thing going against Tesla stock is sector skepticism in the media in recent weeks. However, despite this suspicion, the security broke out above a trendline connecting lower highs from July to late-November. The brokerage bunch, meanwhile, is also hesitant on the EV stock, with 27 of 44 covering brokerages rating the equity a “hold.” A shift in analyst sentiment could help the shares move higher still.
Lastly, within the options market, total open interest (OI) is relatively low. In fact, total OI is below 80% of the readings from the past 12 months. Our recommended call option has a leverage ratio of 7.7, and will double on a 14.9% in the underlying equity.
Read Full Story »»»
DiscoverGold
Information posted to this board is not meant to suggest any specific action, but to point out the technical signs that can help our readers make their own specific decisions. Caveat emptor!
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