Tesla stock price prediction as Musk meets China’s Prime Minister
- by Finbold | Finance in Bold
- Apr 29, 2024
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— Junheng Li (@Junheng_Li) April 29, 2024
How high could TSLA go on China breakthrough?
While it will be difficult to gauge the impact of Tesla’s most recent advances in China before more Q2 data starts coming in, it is likely that, especially combined with the manufacturing of lower-cost models, it can significantly help with the EV maker’s sales and deliveries.
Still, despite analysts mostly remaining cautious on TSLA stock – even in the wake of the earnings report – investors have already shown their bullish turn in the trading since the report as well as in Monday’s pre-market.
Indeed, Musk’s visit to China appears to have driven substantial enthusiasm since, in the morning hours of April 29, TSLA shares jumped approximately 6% to around $178, indicating that a substantial surge toward $200 may be coming and possibly even reigniting late 2023 forecasts that Tesla would become a $1 trillion company sometime in the coming 12 months.
TSLA performance in April 29 pre-market. Source: TradingView
Indeed, its extended session performance placed it dangerously near a resistance zone ranging from $178.72 to $179.84. This zone is formed by a combination of multiple trend lines and important moving averages in various time frames.
Should TSLA manage to break and hold above the zone, its chance of surging higher and more in line with previous bullish forecasts will increase substantially.
TSLA stock price chart
In whatever way things turn out for Tesla, recent trading has demonstrated that Elon Musk’s EV maker managed to stem the negative tide, at least for the time being. Indeed, TSLA shares are not only substantially up in Monday’s pre-market but have also risen 19.70% in the last full week of trading.
TSLA stock 5-day price chart. Source: Google
On the other hand, Tesla’s 1.11% decline during the last full trading day – Friday, April 26 – demonstrates that the firm is still facing an uphill battle and has a long way to go before it erases its year-to-date (YTD) decline, which, as of the latest close, still amounted to 32.26%.
Still, given that Tesla’s price today, with the staggering pre-market moves, stands at $178.43, the news from China might have already set it well on its way.
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