The Tesla share has experienced a strong price rally in recent weeks, even exceeding the 200 dollar mark. This is proof of how quickly the stock market situation can change, as there were still fears at the beginning of the year that the value could fall into double digits.
This strong performance was driven by both the strengthening overall market, particularly in technology stocks, and fundamental factors. Tax adjustments allowed prices for the Tesla Model Y to be increased in the U.S., and production in China was ramped up again after a cutback in December.
What does Elon Musk say?
Group CEO Elon Musk predicted that up to 2 million vehicles could be sold in the current fiscal year if everything goes smoothly, while the communicated sales target is 1.8 million units.
However, Tesla shares saw profit-taking on Friday, as the relative strength index (RSI) had moved into overbought territory, making a counter-move more likely. It would be a sign of strength if the $200 level can be defended. Another strong horizontal support exists in the area of the 180-dollar mark.