- Summary:
- Despite most stocks trading in the red, Tesla share price is up by over 5% in today’s trading as the electric automaker delivered more cars than expected.
Despite most stocks trading in the red following the devastating US NFP, Tesla share price is up by over 5% in today’s trading. The surge comes after the electric-carmaker reported more deliveries that what analysts had expected. As of this writing, the stock is up by 5.36% at $478.44. Earlier today, it was up by as much at 7.12% at $481.00.
According to Tesla, it had delivered 88,400 cars in the first quarter of 2020. Analysts had only expected deliveries at 79,908 after the company was forced to close down some of its factories. While this figure is lower than the 112,000 cars it delivered in Q4 2019, it is much higher compared to how it did a year ago at 63,000.
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Tesla Share Price Outlook
On the weekly time frame, it can be seen that Tesla share price seems to have bounced off its previous highs. This could mean that the stock may be on its way back to its February highs at $968.70.
On the other hand, it is worth pointing out that Tesla share price still has some room to trade lower and still maintain its uptrend. By connecting the lows of June 2, August 25, and October 6, it can be seen that there is trendline support around $361.70. This price also corresponds to Tesla share price’s 2018 highs.