Tesla Share Price: What Next after Hitting $1,000

Summary:

Tesla's share price is on a roll and is currently on a 10-day gaining streak. The share price is also trading above $1,000.

Tesla’s share price is on a roll and is currently on a 10-day gaining streak. The share price is also trading above $1,000 after a strong bullish move in the past few days. Today, Tesla has risen by more than six per cent in the market and looks poised to trade above $1,100 by the end of the day.

Tesla’s share price recent rise may be a result of the current global political turmoil that has seen one of the largest oil producers, Russia, invade Ukraine. This has resulted in market uncertainty. Global oil prices have also risen as a result of the invasion. Tesla investors see this as an opportunity. This is because Tesla uses electricity, and many people will be looking at alternatives means of transport to gas, whose prices have become unaffordable. Tesla cars are likely to become that alternative, resulting in huge sales.

The last ten days have seen the price of Tesla share price move from $760 and trade at above $1,000, resulting in a 32 per cent price increase. Tesla’s share price has also recorded an impressive 10-day consecutive price gain.

Looking at the daily chart below, the recent price action can offer us insight into where we should expect the Tesla share price to trade in the coming days. This is because the current bullish move is a bounce from a long-term support level of $760. The current prices are also below Tesla’s all-time high.

The share price also looks poised to hit the $1,240 long-term support level. Therefore, my Tesla share price prediction is it will be trading at above $1,100 in the coming days. There is also a high likelihood that the prices may rise and hit the $1,240 price, which will mark its all-time high. However, if the prices drop below $950 in the coming days, my trade analysis will be invalidated. It will also mean that a bearish market is possible again.