Tesla (TSLA.US) stock rose 4% after Goldman Sachs upgraded the electric carmaker to “buy” from “neutral,” and raised its price target to $780. Goldman analysts' believe mainstream adoption of electric vehicles is accelerating, battery prices are falling fast, and government regulations will eventually phase out higher-emission vehicles. According to the bank's strategists, also other clean-energy products like solar panels and roof installations for homes, will add to Tesla's long-term sales and potential. Meanwhile Michael Burry, whose bet against the housing market was made famous by the movie "The Big Short," said he is shorting Tesla’s stock. Burry advised CEO Elon Musk to issue more shares while they sit at their "ridiculous" levels. "That's not dilution. You'd be cementing permanence and untold optionality," said Burry.
TESLA (TSLA.US) stock launched today's session higher, however buyers struggle to break above the psychological resistance level at $600.00 which coincides with early broken upward trendline. This could potentially mean that the correction move may be on the cards. Near-term support is located at $555.00 level. Source: xStation5
