Tesla Accelerates After Turning A Profit, And This Chart Shows Even More Room To Run

Tesla Inc TSLA traded 9 percent higher on Thursday, after posting earnings that smashed Wall Street expectations.

The electric car maker reported earnings per share of $2.90 and total revenue of $6.8 billion, compared to analyst estimates of ($0.03) and $6.1 billion. Tesla sold 55,840 of its latest Model 3 automobile, compared to its guidance of 50,000 to 55,000.

CEO Elon Musk beamed, “We expect to produce and sell even more Model 3s in Q4. And we're excited to bring the Model 3 to Europe and China early next year.” Musk also affirmed the company’s plans to open a new factory in China.

Looking at the market cycles for Tesla, we can see the stock is clearly in the rising phase of its current cycle. Our analysis suggested a near term bottom was in and the stock would move to $300. With this surge, we are raising our near-term target to $334.

Tesla Stock Chart With Weekly Bars

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