Tesla Builds A Big Base
Automaker Tesla continues to be a stock I believe is worth watching for a strong move higher in the coming months. While Tesla is widely followed, it is important to note that it still delivers incredibly strong earnings and sales. Last quarter, TSLA reported earnings growth of 230% and sales growth of 98%! This is just remarkable for a company with a $749 billion market cap. After a monster 2020 where it rose over 400% including a climax move in November into early 2021, TSLA has been basing throughout this year. These type of large bases are difficult to trade through, but they lay the foundation for the next move higher. I initially bought Tesla in August and will look to add to my position in the coming weeks should it clear recent resistance on volume. It is important to note that continued bullish action in stocks like ZIM and PLTR provide evidence that the market may be starting to favor growth stocks once again.
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Full Disclosure: I currently own Tesla.
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