Tesla Stock Shows No Signs of Slowing Down As It Eyes Best Winning Streak In Over 2 Years

Tesla, Inc. TSLA shares have been experiencing strong upward momentum in recent sessions, indicating a potentially positive end to the week. The EV giant’s stock could potentially gain for an eleventh straight session and mark its best winning streak since January 2021.

Big Partnerships: General Motors Corp. GM has joined forces with Tesla to utilize the latter’s charging infrastructure, which could further support Tesla’s stock.

Fund manager Ross Gerber stated in a CNBC interview, “This partnership sets a standard with the largest and most abundant EV manufacturers other than $TSLA.”

In other news, according to a Reuters report citing a source, Tesla is talking with the regional government leaders of Valencia in Spain for a potential automotive investment. 

Additionally, CEO Elon Musk virtually engaged with Mongolian Prime Minister Luvsannamsrain Oyun-Erdene to explore potential electric vehicle investments in the country.

These developments strengthen the belief that Tesla is establishing itself as a global player, with manufacturing facilities and market presence across various regions.

See Also: Everything You Need To Know About Tesla Stock

Price Action: In premarket trading on Friday, Tesla’s stock surged 4.28% to $244.92, as per Benzinga Pro data. The closing price on Thursday at $234.86 marked a year-to-date gain of 90.7%.

The stock’s 52-week high stands at $314.67 (achieved in mid-August 2022), while its all-time high was $414.50 (intraday high on Nov. 4, 2021).

Considering Tesla surpassing the price targets set by most sell-side analysts, an upward adjustment of these targets is anticipated in the upcoming sessions, providing further strength to the stock.

The premarket trend indicates a potential breakthrough above the 100-day simple moving average of $249.17. Resistance levels can be found around $265 and $303.

In the event of profit-taking causing a pullback, the stock could find support around the $208 area. Tesla’s 200-day moving average, currently at $183.81, may also serve as strong support.

The relative strength index, a momentum indicator, suggests that the stock is approaching the overbought territory.

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