Tesla stock gained over 2%, breaking through $200 in morning trading Friday.
If Tesla can pierce $207, the next stop looks to be $220 to $225 says Fairlead Strategies analyst Will Tamplin. The $207 level is essentially the 200-day moving average for Tesla stock.
What will get Tesla through that level is likely delivery results. Tesla is slated to report second-quarter car deliveries on July 2. The current Wall Street estimates project about 420,000 cars sold. That’s down about 10% from a year ago. A lack of growth isn’t great, but Tesla stock was already down roughly 20% year to date, through early trading.
Beating expectations would show investors things aren’t quite as bad as feared.
If Telsa deliveries disappoint, support for the stock is around $170, Tamplin adds.
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