Tesla shares break the summer high and rise to the best level since February

7 months ago 28

RoboForex - professional services on Forex market

Tesla shares break out?

Elon Musk briefly lost his title as the world's richest man yesterday but a 5.5% rise in Tesla shares today has helped him regain the crown and given him a cushion as well.

TSLA shares are rising a wave of market enthusiasm due to rate cut hopes and have broken above the May 28 high of $367.

I'm skeptical of Musk's earnings as tax credits end. The company has also suffered massive representational damage abut Musk continues to be an incredible salesman as he attempts to pivot the company towards robotics instead.

At the moment, earnings simply don't matter and this chart shows a nice looking series of higher lows that could be capped by a return the 2024 highs. Given the parabolic move in Oracle shares yesterday, I would certainly be wary of being short.

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