Tesla stock approaches $ 1900 level again

3:46 PM 20 August 2020

Tesla Inc. (TSLA.US) stock price rose above the $1,900 level for the first time on Tuesday following a late Monday price target boost from Wedbush Securities. Analyst Dan Ives raised his target to by $100, to $1,900 per share citing signs of accelerating demand in China. It is worth to mention that the clean-energy carmaker is now worth more than five times the collective market value of Ford and GM.

Despite the negative sentiment that prevailed in the markets yesterday after the release of the FOMC minutes, Tesla's share price remained fairly stable. During today's session we can observe a slight activity of the market bulls. Should upbeat moods prevail, $1900 handle may come into play. However, if the sellers manage to break below the $ 1,841.70 support level, then the downward move may accelerate.

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Tesla Inc. (TSLA.US) , H4 interval. Source: xStation5

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