Tesla's Stock Still Has 'Food On The Table,' Technical Analyst Says - Tesla (NASDAQ:TSLA)

Tesla IncTSLA

within $1 per share of the $300 mark for the first time ever on Monday. The stock is also up nearly 40 percent since the start of 2017 and higher by 700 percent over a five-year period.

Needless to say, Tesla's stock will be hotly debated among investors and analysts moving forward given its incredible run. Rich Ross, head of technical analysis for Evercore ISI could count himself among an uber-bull and explained why during Monday's CNBC "Trading Nation" segment.

Flashback To September

Elon Musk Loves To Call Out Short Sellers Rich Ross Thinks The 'Trump Rally' Is Still Intact _______ Image Credit: By Avda (Own work) [CC BY-SA 3.0 (http://creativecommons.org/licenses/by-sa/3.0)], via Wikimedia Commons

According to Ross, Tesla's stock has built up strong momentum and "is not going to get beat by a spreadsheet." He noted that Tesla's stock chart also shows a strong technical setup that can only get better.

Ross brought up Tesla's stock chart dating back to September when shares were trading near $200 per share and had trouble generating momentum.

Ross explained that Tesla's stock equaled its 50-day moving average in early January and since then it took off and tested the $280 level. After a brief cool-off, the stock once again matched its 50-day moving average of $242, which marked the beginning of a new push higher.

Ross argued this created a "very decisive breakout of that trading range" and the stock could have a clear path to $320 per share.

"There's still food on the table here," Ross said. "I still like this stock. In fact, I like it even more on the breakout."