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Tesla Motors(TSLA - Get Report) designs, develops, manufactures and sells electric vehicles and advanced electric vehicle powertrain components. This stock is trading up 3.6% at $29.57 in recent trading.
Today's Volume: 2.3 million
Average Volume: 1.4 million
Volume % Change: 158%
Shares of TSLA are spiking higher today after the company priced its secondary offering of 6.9 million shares at $28.25 a share.
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From a technical perspective, TSLA is trending up here back above its 50-day moving average of $29.17 with above-average volume. This move is quickly pushing TSLA within range of triggering a near-term breakout trade. That trade will hit once TSLA manages to clear its 200-day moving average at $30.93, and then take out some more overhead resistance at $32.78 with high volume.
Traders should now look for long-biased traders in TSLA as long as its trending above its 50-day, and then once it sustains a move or close above those breakout levels with volume that's near or above 1.4 million shares. If that breakout triggers soon, then look for TSLA to possibly re-test or take out its next significant overhead resistance level at $36.