Tesla Stock Shows No Signs of Slowing Down As It Eyes Best Winning Streak In Over 2 Years

Zinger Key Points
  • Legacy automakers have come to accept Tesla's market-leading status in the EV market.
  • Tesla for its part is striving to expand it manufacturing and markets across geographies.
  • The company is now the third best-performing S&P 500 stock for 2023 after Nvidia and Meta.

Tesla, Inc. TSLA shares have been experiencing strong upward momentum in recent sessions, indicating a potentially positive end to the week. The EV giant’s stock could potentially gain for an eleventh straight session and mark its best winning streak since January 2021.

Big PartnershipsGeneral Motors Corp. GM has joined forces with Tesla to utilize the latter’s charging infrastructure, which could further support Tesla’s stock.

Fund manager Ross Gerber stated in a CNBC interview, “This partnership sets a standard with the largest and most abundant EV manufacturers other than $TSLA.”

In other news, according to a Reuters report citing a source, Tesla is talking with the regional government leaders of Valencia in Spain for a potential automotive investment. 

Additionally, CEO Elon Musk virtually engaged with Mongolian Prime Minister Luvsannamsrain Oyun-Erdene to explore potential electric vehicle investments in the country.

These developments strengthen the belief that Tesla is establishing itself as a global player, with manufacturing facilities and market presence across various regions.

See Also: Everything You Need To Know About Tesla Stock

Price Action: In premarket trading on Friday, Tesla’s stock surged 4.28% to $244.92, as per Benzinga Pro data. The closing price on Thursday at $234.86 marked a year-to-date gain of 90.7%.

The stock’s 52-week high stands at $314.67 (achieved in mid-August 2022), while its all-time high was $414.50 (intraday high on Nov. 4, 2021).

Considering Tesla surpassing the price targets set by most sell-side analysts, an upward adjustment of these targets is anticipated in the upcoming sessions, providing further strength to the stock.

The premarket trend indicates a potential breakthrough above the 100-day simple moving average of $249.17. Resistance levels can be found around $265 and $303.

In the event of profit-taking causing a pullback, the stock could find support around the $208 area. Tesla’s 200-day moving average, currently at $183.81, may also serve as strong support.

The relative strength index, a momentum indicator, suggests that the stock is approaching the overbought territory.

Read Next: Elon Musk Has Last Laugh On US EV Charging Despite EU’s Refusal Of Tesla’s Design

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Posted In: EquitiesLong IdeasNewsTop StoriesMoversTrading Ideaselectric vehiclesElon MuskEVsmobilityRoss Gerber
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