A Technical Look At Tesla's Rally

Loading...
Loading...

Joel Elconin is the co-host of Benzinga's #PreMarket Prep, a daily trading idea radio show.

Tesla Motors Inc TSLA shares were trading sharply higher by $14.47 (6.5 percent) at $233 in Monday's session. After posting a solid gain last week, it has been adding to those gains in today's session.

What is fueling the rally is anticipation of what the company will reveal on Thursday. Deutsche Bank stoked the fire by making positive comments on the company regarding its announcement. The firm maintains a Buy rating with at $245 price target. Credit Suisse also released positive commentary on the announcement.

Related Link: What 2 Street Firms Think About Tesla's Big Announcement

Whatever the reason, Tesla has been rallying since the opening bell. After a higher open clearing the highs from last week $221.88 at $222.56, it briefly retreated to $223 before resuming its rally.

So far, it has reached $238.75, which marks its highest level since it peaked at $242.47 on December 1, 2014. Since making the high, it has fallen back to the $233 level.

Posted In: TechnicalsIntraday UpdateMoversTrading IdeasPre-market outlook
We simplify the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!

Loading...