Trade Ideas: Tesla Motors (TSLA)

Tesla Motors (TSLA) had another great day on Thursday. It went from an intraday low of $132.63 to an intraday high of $136.52. The stock pulled back to close at $135.55, up $1.27 on 5.3 million shares.

TSLA has been on a wild rise this year. It has gained a massive 360% in the past 12 months and has risen more than 600% since the company’s June 2010 IPO. That said, the next batch of sales numbers, which will be released before the opening bell on Aug. 7, and will cover the 2nd quarter of 2013, will set the electric carmaker’s tone and trading direction.

Tesla posted its first-ever quarterly profit of $15.4 million, or 12 cents per share, in the first quarter of 2013. According to Zacks Investment Research, the consensus EPS forecast for the quarter is ($0.36). The street expects TSLA to beat estimates when it reports Q2 results.

TSLA will have resistance between $150-$151 with support at $123 and $132. If it pops through here (mid-$130s), look for it to get to $150 relatively soon.

Disclosure: No Position

1 Comment on Trade Ideas: Tesla Motors (TSLA)

  1. one day this stock is going to fall off the table when investors realize the price is not supported by realearnings but smoke and mirrors. could Friday be the day?

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