Tesla Has Massive Breakout Potential: $525 Price Objective
When you consider that shares of Tesla have been consolidating sideways for five years, you realize that Tesla has massive breakout potential. The stock is rising within a well defined ascending triangle and a breakout above $390 - $400 range would signal the beginning of a technical move towards $525 (+45% upside). The price objective of $525 is derived from the 423.6% fibonacci extension level from the 2015 high to the 2016 low. A measured move target can also be derived from the high and low of the ascending triangle ($190 - $390 = $590 Measured move price objective).