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Shares of Tesla Inc (NASDAQ:TSLA) rose 10.20% on Tuesday, marking the best intraday session since late April.
The much-needed boost comes as the stock is down 17.35% over the past year and 6.93% year-to-date.
Tesla’s impressive Q2 performance, reporting 443,956 deliveries, significantly exceeded the expected 439,000 vehicles. This surprise upside fueled a rally, propelling shares toward their 2024 high. The majority of sales came from the affordable Models 3 and Y, with only 21,551 units from the pricier Models X, S and the new Cybertruck.
Wedbush Securities analyst Dan Ives hailed the quarter as a “huge comeback” for Tesla and CEO Elon Musk. Despite negative sentiment due to choppy EV demand and concerning registration data from Europe and China, Tesla defied expectations.
Ives emphasized Tesla’s positioning as an AI and robotics innovator rather than just a car manufacturer.
Tesla’s recent price action is generating strong bullish signals across multiple technical indicators:
Chart created using Benzinga Pro
Chart created using Benzinga Pro
Tesla's Q2 delivery beat has rekindled investor confidence, driving the stock higher amid previous market skepticism. With technical indicators pointing to bullish momentum, Tesla’s stock appears well-positioned for further gains. However, investors should keep an eye on the high RSI, which could signal overbought conditions.
TSLA Price Check: Shares of Tesla were up 5.02% to $243.40 at last check Wednesday.
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Image created using artificial intelligence via Midjourney.
Posted In: TSLA