Is Tesla Stock A Buy Right Now?
Tesla stock (TSLA) has a big run since end of 2019, it’s up 1,500% from the low 60 of the 2020 up to near 900 this year. The IBD Stock Checkup tool also provides a Tesla stock forecast. It shows that Tesla stock has a best-possible IBD Composite Rating of 99 out of 99. The rating means Tesla stock currently outperforms 99% of all stocks in terms of the most important fundamental and technical stock-picking criteria. The stock also has a Relative Strength Rating of 98. The rating tracks market leadership. It shows how a stock’s price movement over the last 52 weeks measures against that of other stocks.
However, many brokerage firms still give TSLA a “D” level rating – Underperform. There are still a lot short positions (5.5%) for this stock. What rule do you use to decide a buy, or hold, or sell for a stock? Is TSLA still a BUY at this time?
Buy on blue sell on red. It’s very nice setup of a strong uptrend for TSLA, all daily, weekly, and monthly charts are blue bars and blue dots, it means an uptrend. Signals help you to focus on the relevant information only. See the chart below – Monthly and Weekly charts gave clear BUY signals. If you bought this stock in 2020, you may still hold. Current price is 800, the key support level of weekly chart is 692. I don’t suggest to enter new BUY positions at this point, but clearly you may hold. If the price dropped to near 700, it were a very good sweet spot buy (SSB) point.
Blue and red colors indicate the market direction up or down. The small blue or red dots are the key support / resistance levels at that time. We will only buy based the longer chart guidance, Empowering with this tool you will trade like a pro. Clearly the best setups are when prices are near the small dots because we will know if we are right or wrong very quickly. If you know when and where to exit you will then have the freedom to enter the market at sweet spots with peace of mind.