Next Tesla Price Target $800
Updated
As Tesla broke the previous wedging pattern, the price level has shot up to the higher level. So what next from here?
My price target of $800 is based on Trend-based Fibonacci Extension technical analysis. As for now Tesla has entered consolidation area.
Tesla inclusion of S&P500 will begin on the same day of December 21. Volatility is expected toward in coming days.
The confirmation of upward movement toward $800 will need Tesla to have one full green candle above $650.
My take on this will happen during or just before Tesla Q4 earnings. Should there be a correction before this, $800 price target may still be well achieved in 2021.
My price target of $800 is based on Trend-based Fibonacci Extension technical analysis. As for now Tesla has entered consolidation area.
Tesla inclusion of S&P500 will begin on the same day of December 21. Volatility is expected toward in coming days.
The confirmation of upward movement toward $800 will need Tesla to have one full green candle above $650.
My take on this will happen during or just before Tesla Q4 earnings. Should there be a correction before this, $800 price target may still be well achieved in 2021.
Note
Ahead of S&P500 inclusion Tesla has closed higher, $695. By looking at the bearish inverted hammer on Dec 18 closing price (unfortunately no full green candle above $650), will Tesla push higher or fall after the inclusion?Potentially yes, however I am expecting slower upward momentum and minor correction right after the inclusion. Especially during Christmas week that typically market is showing a slow down in volume.
Note
At the start of 2021 Tesla is reaching a new highTrade closed: target reached
As Elon Musk surpassing Bezos as world richest person, TSLA has reached my immediate price target of 800 sooner than I ever expected. Good luck and good trading
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