The post The TSLA neckline that everyone is watching appeared on BitcoinEthereumNews.com.

Tesla has overcome the neckline of an Inverse Head & Shoulders pattern, which is bullish. TSLA stock has risen 12% over the past month and could rise to $246.20. Stifel intiated a Buy rating on Tesla stock this week. Wedbush, Wolfe Research also have positive outlook on TSLA.   Could the value destruction finally be over? Unlike the rest of the Magnificent Seven, Elon Musk’s Tesla (TSLA) has remained in a long-term downtrend since its November 2021 all-time high, which is why some members of the gossip class have switched to the new Super Six grouping.  But on Wednesday, June 26, Tesla stock finally broke above the neckline of an Inverse Head-and-Shoulders (H&S) pattern. Now traders are watching the TSLA share price intently to see if it can hold above that neckline and continue the pattern to its projected 28% gain at $246.20. Tesla stock news Tesla is benefitting on Thursday from Wolfe Research’s client note that argued further upside should be expected for the Magnificent Seven stocks — Apple (AAPL), Microsoft (MSFT), Alphabet (GOOGL), Nvidia (NVDA), Meta Platforms (META), Amazon (AMZN) and Tesla. “Our sense is that volatility will continue to pick up over the summer,” writes Wolfe Research’s analyst team. “However, we expect this to generally benefit the Mag 7, secular growers, and the overall Momentum Trade in the weeks ahead.” Tesla stock is up 12% over the past month and definitely appears to have momentum on its side after breaking through the H&S neckline. Stifel added to the mix on Wednesday with an initial Buy rating on Tesla stock and a $265 price target. The team at Stifel said that redesigned Model 3s and Model Ys would launch an upgrade cycle and that the coming Model 2 would also expand stalled revenue growth for the electric vehicle (EV)…

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Filed under: News - @ June 28, 2024 1:24 am