Tesla Inc. (NASDAQ:TSLA) is trading at $751. The price is attracting investor attention. Last week, the stock hit bottom at $620. It then closed 7.33% higher at $759. This week’s valuation signals that the stock is re-entering the upward trend. Investors want to know whether the stock is a buy at the current levels.
Tesla is a giant in the electric vehicle market. The market is expected to grow significantly in the coming years. Tesla has been growing its production capacity. However, shortages of chipsets and disruptions to global supply chains create hurdles. All that information is priced by the market.
A decline in the company’s share price is mainly due to the bear market. There is a possibility that the markets will not sink into a recession as employment rates remain high. For investors, the bear market creates opportunities to buy stocks that would otherwise be out of reach.
Our analysis considers that Tesla is a buy at the current levels. The price target is anywhere between $1000 and $1100. Investors would make attractive returns by taking advantage of the currently discounted markets.
Tesla attempts to establish support at $750
Source – TradingView
Tesla is trying to establish support at the price of $750. The price is at the lower limit of the regression trend. The next few days may be critical for the company. This analysis considers that Tesla will successfully establish support at $750. From here, the stock will pivot to find a new price target.
Summary
Tesla is a recommended buy at the current levels. The price target is between $1000 and $1100. Since the macroeconomic environment remains strong, it is possible that the stocks will gain.
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