Tesla Stock and the Path To a New Record High
Investors will look for a new record high for Tesla stock by year-end. It just might get there.Entering the week, Tesla stock is less than 5%, or $21, shy of its record closing high of $409.97 reached on Nov. 4, 2021. It's about 6%, or $25, away from its intraday high of $414.50 reached on the same day.At the start of the year, with shares at less than $250, an record high looked unlikely, but then Tesla stock typically does the unexpected. Entering Monday trading, Tesla stock was up about 57% for the year.Earnings haven't led to the gains. According to FactSet, at the start of the year, analysts expected Tesla to earn about $5 a share. That estimate is down to about $3.40 a share. Price competition in China, and slowing EV sales in Europe and the U.S. have weighed on estimates.Technical analysts aren't making fundamental calls on stock prices. They can help fundamentally minded investors understand what traders and other investors are thinking. Right now, the latter group is thinking
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