Scott Redler is a weekly guest on #PreMarket Prep, a daily trading idea radio show hosted by Joel Elconin and Dennis Dick.
Tesla Motors Inc TSLA could trade up by a couple of percentage points between now and its quarterly earnings report next week, a strategist told Benzinga before the market opened Monday.
Tesla jumped more than 7 percent percent Monday, apparently on expectations surrounding a pending announcement on new battery products. The shares traded recently at $232.77.
"It's on my radar," said Scott Redler, chief strategic officer of T3 Live, which provides online training programs on stock market trading.
If Tesla "can get above $221.88, I think there's another $4 to $5 cash flow trade before earnings that could take it back towards the resistance area, which is somewhere between $226 and $230," Redler said.
Related Link: What 2 Street Firms Think About Tesla's Big Announcement
Deutsche Bank analysts said in a note the announcement concerning new battery products coming Thursday could prove "more significant than the Street currently expects."
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