Tesla Hits $1000
Tesla stock traded above $1000 for the first time on Wednesday morning, on speculation that the automaker was about to make a big move into trucks.
Tesla CEO Elon Musk shared information in a tweet that seemed to confirm the rumor.
The news sent the stock soaring above the $1000, on the same day that the Nasdaq crossed 10,000 for the first time.
Tesla sales are exploding in China, which ignited a move in the stock earlier this week.
Tesla has recently broken out from a series of bullish patterns, most recently an ascending triangle (black dotted lines) and a bull flag (red lines). Based on a previous inverted head and shoulders pattern, I see Tesla rising to $1200.
Yesterday, in an interview on CNBC, Ron Barron of Barron Capital said Tesla shares could reach as high as $3000 over the next five years.
Just over a year ago, Tesla was trading near $300. At that time, I was criticized on Twitter for suggesting it was time to buy the stock, which has now tripled.
Here is a sample "mean tweet":
I wonder if that guy was short? Oh well.
Like the man said, you can't make this up.