A look at Tesla Motors Inc. (TSLA) — This electric car maker is on fire.
Tesla Motors Inc. ($TSLA) averages are at $136.63 (21 day SMA), $160.17 (50 day SMA), $111.16 (200 day SMA). Over the past 52 weeks TSLA has traded from a low of $32.11 to a high of $194.50. TSLA was last at $141.50 on a volume of 20,704,800. Average daily volume has been at 12,370,054.
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Tesla Motors (TSLA) has been correcting for the past two months after peaking at around $200. Since that time, the stock has fallen to below $120 before finding a bottom. The news flow has been negative, with a few reports of vehicle fires. But traders appear to be shaking off those reports and are now buying the stock on massive volume.
Today’s trading volume exceeded 25 million shares (more than twice the average daily volume) and the stock advanced more than 16% today. Such a high-volume, high-magnitude move is the sign of institutional buying.
At $144.76, TSLA is about $15 below the 50-day moving average, which would be likely resistance. The strong upside momentum makes it quite likely that TSLA will be testing that level sooner rather than later.
Tesla Motors,Inc., designs, develops, manufactures and sells high-performance fully electric vehicles and advanced electric vehicle powertrain components.
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