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."

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