TESLA: Can it reach $500?Tesla is overbought both on its 1D (RSI = 76.375, MACD = 28.880, ADX = 43.174) and 1W (RSI = 76.043) technical outlooks. This however isn't by any means a bearish sign, at least not on the long term. Tesla appears to be aiming for $500 in the immediate future and in our view even higher on the long term. The reason is the convincing 1W Golden Cross that is about to be formed and the last time we had such a clear Cross was on January 21st 2020.
The stock was ona bullish breakout after a Channel Down correction. The breakout initiated a rally that was supported by the 1W MA50 all the way until the November 2021 Top on the 4.5 Fibonacci extension! Tesla's 2025 target shouldn't be $500 but instead the 2.0 Fibonacci extension at $640. As long as the 1W MA50 supports, we will stay long term bullish towards that target (TP = 640.00).
See how our prior idea has worked out:
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