Here’s why Tesla (TSLA) stock looks unstoppable this time
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Tesla’s (NASDAQ: TSLA) share price is primed to extend its recent momentum in a potential price movement that an analyst has termed ‘unstoppable.’ The stock has consistently formed higher highs in recent weeks, indicating bullish momentum, according to stock trading expert Klejdi Cuni in a TradingView post on September 19. Notably, shares of the electric vehicle manufacturer recently rallied, ranking among the best-performing S&P 500 equities, buoyed by the impact of the Federal Reserve’s interest rate cut. According to the expert, Tesla’s technical setup looks favorable as the stock has broken key levels, forming new targets. In a four-hour chart analysis provided by the trading analyst, Tesla is pushing past previous price ceilings, making a case for substantial further gains. TSLA stock price analysis. Source: TradingView Cuni observed that TSLA’s shares, which had been consolidating within a descending channel over the past months, broke out as the market responded positively to the Fed’s rate cut. The rate cut can be assumed to have been viewed as a positive economic signal, with Tesla investors considering it an opportune time to buy the equity. Tesla’s price levels to watch At the same time, Cuni’s analysis outlined three key possible price targets: $252, $290, and $310. With the stock trading just below the $240 mark, breaking through the $252 resistance would open the door to the $290 and $310 targets. “TESLA Looks Unstoppable This time. <…> It looks even better after the FED supported the economy by decreasing the rates by 50bps,” the expert noted. Elsewhere, based on Tesla’s recent price movement, another trading analyst with the pseudonym Prof noted through an X post on September 21 that TSLA is attempting its first monthly close outside a prolonged pennant consolidation pattern, suggesting a price breakout could be imminent. Therefore, if the stock can…
Filed under: News - @ September 21, 2024 6:29 pm