Is Tesla a buy at the resistance level of $1145?

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Tesla Inc. (NASDAQ:TSLA) closed 5.61% higher in the last trading session. This brought the valuation of the stock to $1145. At this valuation, Tesla is at a critical resistance point, and investors will be attentive to notice whether the stock blows out the resistance.

Tesla excited investors last week with information about its production and uptake of cars. The EV maker is selling all that it produces and still has more demand. The company continues to rise in production and order fulfillment efficiency. That efficiency shall start to reflect in the firm’s financial performance.

Something else is happening in favor of Tesla and other electric car manufacturers in general. Gas prices are rising. The trend is accelerating the movement of customers from gas-powered cars to electric cars.

Tesla continues to benefit as the largest player and pioneer in the industry. Besides, there is no doubt as to what the Tesla brand architecture represents right from the S, E, X, and Y models.

Tesla to burst through the $1145 resistance

Source – TradingView

Analyzing the TSLA price chart brings out two important pieces of information. The first is that Tesla has been bullish for four weeks without fail. The second is that the MACD just turned double bullish, joining the RSI momentum affirmation. There is certainly no doubt that the stock is rising, probably to the moon.

The pre-market price shows a possible pull-back to $1138. This analysis, however, considers that the bullish momentum will be maintained. The fact that MA 10 just crossed above MA 20 is the surest buy signal, a view that is supported by all other indicators.

Summary

Tesla affirmed its leadership in the electric cars industry through the production data. The price touched the resistance level of $1145. We think the stock will burst through the resistance to set a new high.

The post Is Tesla a buy at the resistance level of $1145? appeared first on Invezz.

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