Tesla's Stock Busts Through 50-DMA Resistance Into Bull-Market Territory
Tesla stock heads for biggest gain in 8 months, as EV maker's lack of labor union distractions may be emboldening investors. Tesla Inc.'s bulls finally succeeded on Monday, after multiple attempts over nearly two weeks, to get the electric-vehicle giant's stock past upside technical resistance and into fresh bull-market territory.A couple of bullish fundamental catalysts, like an analyst upgrade and a labor battle that Tesla's rivals are facing, helped bulls get the stock over the line.The technical set up was, after closing at a 10-month high of $293.34 on July 18, the stock tumbled 26.5% to a 2 1/2-month closing low of $215.49 on Aug. 18. Many on Wall Street believe a bear market is defined by a decline of at least 20% from a significant bull-market high.The stock, which was on track for its best one-day performance since it climbed 11.0% on Jan. 27, was trading 26.6% above the Aug. 18 bear-market low.Tesla's stock, which paced the S&P 500 index's SPX gainers on Monday, has rallied
On Wednesday, Cathie Wood-led Ark Invest made a significant move by purchasing shares of Roblox Corp following its recent quarterly earnings report. The decision comes after Roblox’s stock took a hit
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Is Tesla a buy at these levels? Tesla flirted around 150 levels in its recent sell off before finding its footing and rebounding to the 175 levels where it is hovering around at the moment. So is it a buy? It depends on your time frame really. Is Tesla a good company? It is fundamentally sound although it still has some issues to sort out especially in this macroenvironment. But few companies have the resources AND the guts to do what they do venturing into avenues that borders on uncharted territories. Well that is because there is only one Elon Musk. As eccentric as he may be, he does venture where no one does or even dare to. So there you are. Especially in a world primed to go AI crazy, Tesla will be very relevant moving forward being firmly entrenched in the new world. Howe