Tesla Has Some Big Dreams
Tesla (TSLA) - Get Report is running extremely hot in the after market. Shares jumped immediately following the company's upbeat second-quarter report. TSLA is trading 5% higher and is headed for its biggest upside gap open since the first quarter of 2014. This powerful move will leave behind layers of support and will put shares on course for new all-time highs.
Just one month ago, TSLA was in full retreat. The stock's post-election run had driven shares well into overbought territory as the $390.00 area came into play. A steep sell off followed on heavy trade but the damage was limited. A much deeper pullback appeared on the way, but TSLA managed to stabilize just above a major support zone zone. For the bulk of July, the stock consolidated in a fairly narrow range. This zone will provide solid footing for a fresh rally leg.
Watch More with TheStreet:
