Tesla Sharply Higher Despite Q3 Miss

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Tesla Motors Inc TSLA shares are trading sharply higher by $23 at $231.35 in Wednesday's session. The Street is focusing on its increased production and delivery of vehicles as opposed to Q3 miss for EPS and lower sales.

After a higher open, it retreated to $225.20 and resumed its move higher. So far, it has found some intra-day resistance ahead of $233.95, only reaching $232.74. If that level is breached there may not be any major resistance until its October 7 high ($237.70).

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

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