Tesla Share Price: How a Strong First Quarter is Impacting Share Prices

Summary:

In Today's trading session, Tesla share prices are gaining. This is after closing the Friday session at 1.5 per cent below the opening price.

In today’s trading session, Tesla share prices are gaining. This is after closing the Friday session at 1.5 per cent below the opening price. Today’s price increase comes amidst a string of positive news that may be impacting investors’ sentiments.

Why is Tesla Gaining Today?

Tesla’s 2022 first-quarter results are in, and the company is overperforming the car industry. According to recent reports showing that electric cars manufacturers were able to deliver 310,000 cars in the first quarter of 2022. This was a 68 per cent increase from the same period last year.

The 2022 Tesla sales are a continuation of last year’s company momentum that resulted in the company selling over a million cars, overtaking Volvo and Subaru. The 2022 first-quarter data was also almost unchanged from 2021’s last quarter, when the company sold 309,000 cars.

The company has also outperformed its industry competitors in the auto industry. According to a new report published in the New York Times, which showed other car manufacturers lagging behind Tesla in 2022 car sales. Experts have also expressed optimism that in 2022, Tesla could sell over two million cars after opening a new factory in Berlin, which will go a long way in increasing the number of units manufactured.

Tesla Share Price Prediction

On my March 28 Tesla price analysis, I predicted the prices would trade above $1100 and possibly hit the $1115 resistance level. Today, the prices hit the $1,100 resistance level but retracted back after failing to break out.

However, today’s trading session shows that the prices still have a bullish lean. I also do not expect the prices to drop to the $760 support level. Therefore, my Tesla share price prediction is that the prices will start another long-term bullish move. The bullish move will see the prices hit the $1241 resistance level after breaking out of the $1115 resistance level.