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Tesla’s stock is currently trading at 786.60-lower by 3.94% as compared to the previous closing price. In the pre-market trading session, the stock was trading lower by 0.1%. The stock has continued falling after the opening bell.
Investment firm Wedbush raised its price target on the company’s stocks by 33% to $800 per share from $600 a share. The investment firm, however, reiterated a Neutral rating on stocks of the electric carmaker. Wedbush price target represents a downside of about 2% from the stock’s previous closing price.
The investment firm raised the price target of Tesla saying the company appears to be turning the corner from both a demand and production perspective heading into the next month. Wedbush also expected that the underlying demand for Model 3 in China is strong with a solid May and June likely in the cards and clear momentum heading into the second half. Stocks of Tesla have rallied around 89% so far in 2020.
On the technical front, the RSI is currently at 53.83% and suggests that the market can move in the downward direction. The current price is below the MA5. The current price is below the middle line of the Bollinger Bands and is heading downwards.
Overall Bias is Negative and short-term trades can be initiated with below mentioned Stop Loss and Profit targets.
TRADE SUGGESTION- LIMIT SELL AT 791 TAKE PROFIT AT 783 STOP LOSS AT 795