Tesla stock has been on fire. Shares are up more than 190% from 2019 lows, leaving investors to wonder whats next for the electric-vehicle pioneer. On Wednesday, Tesla stated a profit for the final quarter of 2019 its second quarterly profit in a row. The stock doubled since Oct. 23, the day earlier than it jumped more than 17% on an earnings-fuelled gap up. The predominant achievement is, in accordance to Gulf Brokers, that TESLA bought 367,500 cars in total in 2019 more than it sold in 2018 and 2017 together.

Earnings Review

Tesla stock soared 12% late Wednesday after the electric car maker reported better-than-expected quarterly earnings. The stock was already up 39% this year. Revenue rose to $7.38 billion from $7.23 billion a year earlier. Analysts had predicted revenue of $7.02 billion. The Model three makers $7.38 billion in sales for the fourth quarter beat estimates and carried the company to its 2nd consecutive quarterly profit.

Tesla stock debuted at less than $20 a share in 2010, and hit $200 in 2014. Now, after strong deliveries in the fourth quarter and the successful launch of a new factory in China, it is above $500 giving the company the highest valuation of any U.S. carmaker ever.

Technical Overview

The stock surged to nearly $650 after the close of regular trading. But in final few days, the stock confirmed some weakness in the upside run. As we know there are a lot of traders shorting this stock from last few days because of RSI Overbought & the rate close to the third Resistance pivot on the daily. Therefore, there are nonetheless room for retracement earlier than heading more higher.
As per our previous prediction TESLA crossed 600$ level on Wednesday after strong earnings report.

Syam KP

Chief Analyst

Gulf Brokers

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