Tesla shares digging itself out of the hole, but still down on the year

Tesla reported better deliveries today but are still down on the year:

• Deliveries 444K vs 387K in Q1
• Deliveries down 5% y/y

The numbers today have Tesla shares trading up $18.41 or 8.78% at $228.27. That comes after a gain of 6.08% yesterday. Since the most recent low on June 11 at $167.41 the price has surged 36.42%.

From the 2024 low at $138.80 reached on April 22, the price is up 64.53%

Despite the gains, the shares of Tesla are still below the end-of-year closing level at $248.42 (down -7%).

Technically, the price of Tesla gapped higher, and moved above and away from the 50% midpoint of the move down from the July 2024 high price at $219.05. Staying above that level is more bullish in the short term at least.

The next target comes at the 61.8% retracement of the move down from the 2024 high at $237.98. Above that the closing level from 2023 comes in at $248.42.

The high price for 2023 reached just short of $300 a share at $299.29

This article was written by Greg Michalowski at www.forexlive.com.