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Deliveries Soar in Q2
Shares in Tesla are trading higher ahead of the open today. The firm announced record new deliveries in Q2, well above Wall Street estimates. Elon Musk’s flagship company reported Q2 deliveries of 466k vehicles, around 5% higher than the 445k units the market was looking for. At this level, deliveries recorded their largest quarterly upside surprise since Q4 2021.
Bullish Outlook
The data has been championed by Tesla bulls and comes on the back of a string of investment bank downgrades of Tesla stock. A number of big names have cut Tesla to neutral from a buy previously, mainly due to the large rally we’ve seen in Tesla stock this year. The company’s stock price recorded a more than 110% gain over the first half of the year with some players calling the move overdone. However, with this latest data, Tesla stock has received fresh confirmation for buyers and traders now look ahead to the upcoming earnings report which should help propel the stock higher near-term.
Technical Views
Tesla
The rally in Tesla stock has seen the market breaking out above the 255.61 level, extending the gains from the trend line break seen in early June. While above here, the focus is on a further push higher with 313.11 the next resistance level to note. To the downside, 207.71 is the next support to note.
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With 10 years of experience as a private trader and professional market analyst under his belt, James has carved out an impressive industry reputation. Able to both dissect and explain the key fundamental developments in the market, he communicates their importance and relevance in a succinct and straight forward manner.