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Tesla’s stock is currently trading at 426.70-higher by 0.34% as compared to the previous closing price. In the pre-market trading session, the stock was trading higher by 0.42%. The stock has pared some of its earlier gains after the opening bell.
Wedbush today raised its price target on stocks of Tesla to $370 a share from $270 per share. The financial services company, however, reiterated a Neutral rating on stocks of the electric car maker. Wedbush’s price target represents a downside of about 13% from the share’s previous closing price of $425.25.
The financial services company increased its price target on stocks of Tesla on expectations of strong U.S. demand for the Model 3 sedans. Wedbush said that the electric carmaker’s Shanghai facility is ahead of schedule and will drive growth in China in fiscal 2020 and beyond. Stocks of Tesla have rallied 28% so far this year.
On the technical front, the RSI is currently at 85.06% and suggests that the market can move in the upward direction. The current price is above the MA5. The current price is above the middle line of the Bollinger Bands and is heading upwards.
TRADE SUGGESTION- LIMIT BUY AT 426 TAKE PROFIT AT 432 STOP LOSS AT 423