Tesla Motors (TSLA) stock broke out of a two month long range and set a new 52-week high of $135.37 on Monday, July 29, gaining $5.23, or 4.04%, on 9.7 million shares. The electric car maker’s stock, one of the hottest in the market, has been in an uptrend since mid-2012, but throughout the second quarter of 2013 has been trading within a precise trend channel that is aggressively higher in this stock and one that has enabled it to soar to five times its trading value of a year ago. Shares are up almost 300% year-to-date as of the close of trading on Monday.
At $135, next support is at $133 and then at $123.65. Resistance is at $143.
While an acceleration to the upside is not without risks, with no imminent signs of a reversal, the name could print the tape at $145 short-term, and maybe even as high as $150.