Tesla stock has been on fire. Shares are up more than 190 percent from 2019 lows, leaving investors to wonder what’s next for the electric-vehicle pioneer.
On Wednesday, Tesla reported a profit for the final quarter of 2019—its second quarterly profit in a row. The stock doubled since Oct. 23, the day before it jumped more than 17 percent on an earnings-fuelled gap up. The main achievement is, according to Gulf Brokers, that TESLA sold 367,500 cars in total in 2019—more than it sold in 2018 and 2017 together.
Tesla stock soared 12 percent late Wednesday after the electric car maker reported better-than-expected quarterly earnings. The stock was already up 39 percent this year. Revenue rose to $7.38 billion from $7.23 billion a year earlier. Analysts had expected revenue of $7.02 billion. The Model 3 maker’s $7.38 billion in sales for the fourth quarter beat estimates and carried the company to its second consecutive quarterly profit.
Tesla stock debuted at less than $20 a share in 2010. It hit $200 in 2014. And now, after strong deliveries in the fourth quarter and the successful launch of a new factory in China, it’s above $500—giving the company the highest valuation of any U.S. carmaker ever.
The stock surged to almost $650 after the close of regular trading. But in last few days the stock shows some weakness in the upside run. As we know there are a lot of traders shorting this stock from last few days because of RSI Overbought & the price close to the 3rd Resistance pivot on the daily. So still there are room for retracement before heading more higher.
As per our previous prediction TSLA crossed 600$ level on Wednesday after strong earnings report.