Tesla soars through $1000 per share
A new record high for Tesla stock comes as the company looks to put its new truck into production.
Reports that suggest Tesla will bring it ‘Semi’ truck to volume production have helped bolster the stock price, pushing it to a new high and seeing the carmaker claim the crown of largest auto manufacturer by market cap.
As of today, Tesla’s market capitalisation of over $180 billion is the largest in the sector in the entire globe surpassing previous titan Toyota. The firm’s rise has been impressive, shrugging off the crises of 2019 and sailing through the Covid-19 panic.
In chart terms, the push to a new record high marks a significant development, clearing the previous peak from February 2020 at $985 and briefly moving above $1000.
This leaves the stock price with no overhead resistance to target, and while short-term momentum may carry it higher, it is likely that a pullback will provide more attractive risk-reward for longs than the current level. Any pullback that holds above $690 will create a higher low, while in a bigger downward move, $688 and then $464 are near-term targets.
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