Resistance

Trillion

<ul class="list-ic vertical"> 
 <li> <span>1</span> <a>Tesla stock price is up 1.3% in the last trading session and is currently trading at $245.34.</a> </li> 
 <li> <span>2</span> <a>Tesla’s share (NYSE: TSLA) is trying to form a Falling wedge in the daily chart.</a> </li> 
</ul> 
<p>Tesla stock price has been on an inclining trend for the past 6 months bagging a 39.34% return to its investors over the period. Recently, the stock’s pre-results sentiments were positive which added fuel to the ongoing trend, and the price continued with the ongoing momentum.</p> 
<p>However, the short-term gain in the stock led to profit booking after the disclosure of the quarterly results and the price declined nearly 15% in the past 3 weeks to close near the previous support zone on the last trading session.</p> 
<p>Tesla (NYSE: TSLA) dominates the US electric car market with about 70% share. Its Model 3 is the most popular EV model in the country. Tesla has grown from its IPO in 2010 to a $1 Trillion company in 2021, setting the gold standard for electric vehicles.</p> 
<div class="wp-block-image"> 
 <figure class="aligncenter"> 
  <img decoding="async" src="https://lh3.googleusercontent.com/JKy8Ww_ABcNcguGb6196jQ7rCZ_rUK7uAuSYfR4qEPtLqi-pFDZSNr7ZIvsrW7gVcDEh_OS3Pfsopnpyv9FSukl_i8aHwRBhYUziFHDAIUpiQ3L3y9-d-AOqNeVgghXksRs1vDVojrLJXqxd3aMXN2o" alt="Tesla&nbsp; Stock Price Prediction: Is Profit Booking Over In Tesla?"> 
  <figcaption class="wp-element-caption">
    &nbsp;Source: barchart.com 
  </figcaption> 
 </figure> 
</div> 
<p>Tesla stock derivatives data analysis states that the current implied volatility in the market is 43.49% with a decrement of 1.91% in the last trading session. The at-the-money strike price has 14,450 open contracts on the put side and 13,668 open contracts on the call side indicating the presence of buyers at the current level. The PUT/CALL ratio is 0.82 indicating a neutral sentiment in the market as per the data.</p> 
<h2 class="wp-block-heading" id="strong-tesla-stock-price-shows-falling-wedge-in-1-d-timeframe-strong"><strong>Tesla Stock Price Shows Falling Wedge in 1-D Timeframe</strong></h2> 
<div class="wp-block-image"> 
 <figure class="aligncenter"> 
  <img decoding="async" src="https://lh4.googleusercontent.com/X_seQAo9rFdnIcqXVDyNszmoHzux4l2mctFnYPmV_-cZGpChozbhRa9yfpAGsn-AQrShPsh-vUu3_OD82WbTGeS3PqGrey_JI1IbPNCAz5JsDr3y2zjAC6HPby3i68nRpuwj66JcGSSvBjwBXqnzzSg" alt="Tesla&nbsp; Stock Price Prediction: Is Profit Booking Over In Tesla?"> 
  <figcaption class="wp-element-caption">
    Source: Tesla 1D. NYSE By <a href="https://www.tradingview.com/x/3wB4g70u/" rel="noopener noreferrer nofollow">TradingView</a> 
  </figcaption> 
 </figure> 
</div> 
<p>Currently, Tesla’s stock price is trading at 245.34 closing near the previous swing low, and has formed a falling wedge pattern on the daily chart.</p> 
<p>The short-term outlook of the analysts indicates that If the price succeeds in maintaining itself above the demand zone then a mild bullish sentiment in the market can be witnessed. If the price fails to gain buying volume at the demand zone then the price may continue its short-term profit booking.</p> 
<p>Analysts say that the long-term outlook for the stock is in a strong uptrend, the price may experience some pullbacks but buyers may continue to enter the market at every dip and the price may resume its long-term trend.</p> 
<h2 class="wp-block-heading" id="strong-technical-indicators-prediction-about-the-current-trend-strong"><strong>Technical Indicators prediction about the current trend</strong></h2> 
<div class="wp-block-image"> 
 <figure class="aligncenter"> 
  <img decoding="async" src="https://lh5.googleusercontent.com/ncqysEEixdeKQjHRV_hHkAeWQpSuSja4H99sGyx6NinYYJ_B2Crpp0iX6YQX0YazruinhxkuFNGKDl0Q3XW4LrpnTSElygi4F0oNra0m8s1ZSggYYWMEUmdrqBKd3pZdxvRJSyeU1TAqv8gJdlPNiuw" alt="Tesla&nbsp; Stock Price Prediction: Is Profit Booking Over In Tesla?"> 
  <figcaption class="wp-element-caption">
    Source: Tesla 1D. NYSE By <a href="https://www.tradingview.com/x/3wB4g70u/" rel="noopener noreferrer nofollow">TradingView</a> 
  </figcaption> 
 </figure> 
</div> 
<p>The Technical indicators opinion rating for the stock is a 56% buy with a weakening short-term outlook on maintaining the current trend. long-term indicators are optimistic and fully support the continuation of the ongoing trend.</p> 
<h4 class="wp-block-heading"><strong>Conclusion</strong></h4> 
<p><a href="https://www.thecoinrepublic.com/2023/07/13/tesla-inc-price-prediction-will-tsla-stock-thrust-upward/" rel="noopener noreferrer nofollow">Tesla’s stock price prediction</a> concludes that the stock price is trading near the previous low and has a falling wedge pattern on the daily chart. The short-term outlook is slightly bullish if the price stays above the demand zone. The long-term outlook is strongly bullish, with buyers entering at every dip. The technical indicators suggest a 56% buy rating, with short-term weakness and long-term strength.</p> 
<h4 class="wp-block-heading"><strong>Technical Levels</strong></h4> 
<ul> 
 <li><strong>Support levels:</strong> $238.61 and $210.64.</li> 
 <li><strong>Resistance levels:</strong> $281.08 and $301.03.</li> 
</ul> 
<h5 class="wp-block-heading"><strong>Disclaimer</strong></h5> 
<p>The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.&nbsp;</p>

Tesla Stock Price Prediction: Is Profit Booking Over In Tesla?

Table of Contents

Thecoinrepublic.com

Other articles published on Aug 11, 2023

XRP reaches $50, experiences brief price surge on Gemini

Binance Applies for AML Compliance Registration with Taiwan’s FSC

Analyst: Bitcoin May Rise 130%, Reach $70k in 2023

Coinbase Ventures Expands Relationship with Rocket Pool

U.S SEC Delays Ark Bitcoin ETF Proposal; Seeks Feedback

Robinhood wins meme stock lawsuit

Join our free newsletter for daily crypto updates!