Company: Tesla (SYM: TSLA)
Tesla (SYM: TSLA) could see substantial near-term upside – despite any politics.
For one, the stock is technically oversold and rebounding from October support. Two, it’s incredibly over-extended on RSI, MACD, Williams’ %R, Money Flow and Full Stochastics. The last time these technical indicators were this oversold, TSLA ran from about $150 to $488.54.
We can’t ignore that potential.
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We also have to consider that a good deal of negativity has been priced into the stock, most of which has been because of politics on both sides of the aisle. It’s also worth considering that Tesla is now the ultimate contrarian buy.
Helping, analysts at Wedbush just added Tesla to its Best Ideas List, with an outperform rating with a price target of $550. In addition, as noted by Investing.com, “Despite recent volatility in Tesla shares and concerns over CEO Elon Musk’s distractions, analysts at Wedbush believe the company is on the cusp of significant technological advancements.”
“The brokerage anticipates the launch of a sub-$35,000 electric vehicle by mid-year, saying it could reignite demand and push Tesla toward a two million annual delivery run rate. Wedbush also highlighted the upcoming rollout of unsupervised Full Self-Driving (FSD) technology in June, a development it values at $1 trillion in a sum-of-the-parts analysis.”
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In addition, Cathie Wood still has a $2,600 price target on Tesla, noting, “It’s winner take most,” Wood said of Tesla’s position in the autonomous vehicle race during Bloomberg’s “Odd Lots” podcast, as quoted by Benzinga.com. “And we do believe that Tesla will be and is in the pole position here in the United States.”
With plenty of bulls starting to pile back into Tesla, weakness is becoming an opportunity.
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