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Tesla, Inc. (TSLA) – Wall Street’s Best Digest Daily Alert – 6/22/21

This electric auto maker is forecasted to grow earnings at an annual rate of 44.51% over the next five years.

This electric auto maker is forecasted to grow earnings at an annual rate of 44.51% over the next five years.

Tesla, Inc. (TSLA)
From Shortex Market Letter

52 week high: 900.40, 52 week low: 181.70

Market Cap: $595.03, EPS: 1.00, P/E: 618.93, Beta: 2.00

Since I last wrote about TSLA on December 09, 2020, the stock price as of December 2020, at $612.22/share jumped to $900.40/shr. Tesla enjoyed a record delivery of nearly 500,000 cars and sitting over $15 billion in cash. Allowing TSLA to concentrate to increase its margins and market share and profitability globally.

Technical Picture
In retraction/correction pattern: topping at 900 in mid-Feb ’21. Sinking in repeated plunges, breaking through 50-DMA to the low of 550. V-shaped reversal: (575-625) to (625-675) to (701-725) failed to penetrate upward the 50-DMA (651-658). Slide continued from 750 through 550 in mid-May ’21. The secondary support (543-550) above its 200-DMA has held. Challenging 50-DMA at (592-610).The primary resistance and (701-728), secondary resistance in the offing. Tug of war between bears/bears is the culprit for the decline and stagnation of TSLA. Potential of short squeeze apparent, where the short sellers will be forced to cover their short positions. VOLATILE.

Joseph Parnes, Shortex Market Letter, shortex.com, 800-877-6555, June 15, 2021