<ul class="list-ic vertical">
 <li><span>1</span> <a>TSLA stock price: The shares have experienced a long bullish trend since the start of this year</a></li>
 <li><span>2</span> <a>The company has been growing exponentially well over the quarters, see the highlights below&nbsp;</a></li>
 <li><span>3</span> <a>The current stock price is just near the resistance level with a possible breakout, check before its late</a></li>
</ul>
<p>Last Monday, Tesla (NYSE: TSLA) announced that it had delivered about 435,000 vehicles in the second quarter. It is slightly below Wall Street estimates by 20,000 and around 6% lower than the previous quarter’s deliveries. The company attributed this decrease in deliveries to scheduled downtime for plant upgrades and kept its full-year delivery estimate of 1.8 million vehicles.</p>
<p>During market activity last Wednesday, Tesla’s stock rose by 5.2% to $261. The stock cleared its 50-day moving average price of $250 and reached near its immediate resistance levels. That turned the investors’ heads around for a while.</p>
<h2 class="wp-block-heading" id="strong-what-s-underneath-the-carpet-strong"><strong>What’s Underneath the Carpet?</strong></h2>
<p>Now, uncovering the carpet of price movements, the driver behind the trend is mainly the financials on a longer duration and in the case of Tesla, this statement fits right in. During this uptrend since January, the 2 quarterly reports were released with consistent growth. The company reported a sales growth of 47% year on year in the latest quarterly report of June 2023 despite the decline in deliveries.&nbsp;</p>
<p>Meanwhile, this growth was later transferred to a net income of $2.8B, with a growth of $19.8%. Until this writing, tesla is re-investing 100% of its Net income and is not paying dividends to its shareholders.</p>
<h3 class="wp-block-heading" id="strong-the-acceptance-from-the-market-strong"><strong>The acceptance from the market</strong></h3>
<p>The market accepts this high growth and it is reflected in the inflated price-to-earnings ratio of 73.7. Considering the EV industry is overvalued around the globe, and Tesla is the leading name in this sector, this is not unusual.&nbsp;</p>
<h2 class="wp-block-heading" id="strong-technical-analysis-and-prediction-of-the-tsla-stock-price-strong"><strong>Technical Analysis and Prediction of the TSLA Stock Price&nbsp;</strong></h2>
<div class="wp-block-image">
 <figure class="aligncenter"><img decoding="async" src="https://lh3.googleusercontent.com/6S2D_XSYzGPT77CetRSNe-LkpGCmeFCAJuQs8OLkn8IOK7cR58ocuowTBPwZS05TAzz3cFJFuBv_J50c9wPQsko8nn62kFj_8JY18sRJsf8oFsL7YCyXSgN5xqxoZdgwBmOLUPq3nIKOunXv0Qr93ok" alt="TSLA Stock Price: A Breakout is Near, Stock Surged Above 50-DEMA">
  <figcaption class="wp-element-caption">
   Chart provided by<a href="https://in.tradingview.com/chart/X78t0Vyp/?symbol=LSE%3AMNDI" rel="noopener noreferrer nofollow"> TradingView </a>(Daily time frame)
  </figcaption>
 </figure>
</div>
<p>The Current TSLA <a href="https://www.thecoinrepublic.com/2023/09/13/iag-stock-price-half-yearly-reports-overwhelm-the-investors/" rel="noopener noreferrer nofollow">stock price</a> is trading at $260, just below its immediate resistance of $277. After the bulls reclaimed this resistance in September, instead of making a low till its support level, they reclaimed the trendline in the middle. Meanwhile, the RSI is currently at 54, 16 points away from reaching its oversold level. It states that the Bulls have enough room to make a breakout.</p>
<p>With the clear indication of bullish strength from the above-stated scenarios, the TSLA stock price prediction is bullish. The resistance of $277 is likely to be broken soon if the bulls keep surfing the current trendline. However, if the bears reclaim the resistance level, some correction can also be observed</p>
<h3 class="wp-block-heading" id="strong-conclusion-strong"><strong>Conclusion</strong></h3>
<p>The Tesla (NYSE: TSLA) stock price has been performing well recently, following the uptrend in the shares, the company has also delivered great financials over the months. The current price is near a resistance and it is predicted that a breakout is likely to occur.</p>
<h4 class="wp-block-heading"><strong>Technical Levels</strong></h4>
<p>Support: $219, and $166</p>
<p>Resistance: $277, and $314</p>
<h5 class="wp-block-heading"><strong>Disclaimer</strong></h5>
<p>The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.</p>

TSLA Stock Price: A Breakout is Near, Stock Surged Above 50-DEMA

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Thecoinrepublic.com

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