Tesla IncTSLA accelerates past its competition in the “Magnificent Seven” club, posting a remarkable 24% surge in September. Despite a relatively modest year-to-date gain of 5.32%, Tesla has left rivals like Nvidia CorpNVDA and Amazon.com IncAMZN in the rearview mirror.
In the fast lane: can Tesla maintain this momentum or is the tank running on empty?
Revving Up: Tesla Vs. Mag7 Peers
| Stock | 1-Month | Year-to-Date | 1-Year |
|---|---|---|---|
| Tesla IncTSLA | 24.23% | 5.32% | 3.99% |
| Alphabet IncGOOGLGOOG | 5.40% | 20.03% | 23.61% |
| Nvidia CorpNVDA | 12.44% | 152.11% | 171.19% |
| Microsoft CorpMSFT | 5.09% | 16.02% | 33.72% |
| Meta Platforms IncMETA | 11.86% | 65.31% | 86.57% |
| Amazon.com IncAMZN | 5.72% | 24.28% | 43.93% |
| Apple IncAAPL | 4.59% | 25.51% | 34.10% |
Tesla’s recent climb of 24.23% in the last month was fueled by various catalysts.
Breaking past the $235 resistance mark in early September, Tesla rode high on robust China sales and the buzz around its full self-driving (FSD) launch.
Electric Dreams: Tesla’s Future
The imminent Robotaxi showcase, set for October 10 in Los Angeles, is adding to investor excitement. CEO Elon Musk has hyped this event as potentially Tesla’s most significant milestone since the Model 3 debut, with market bulls like Dan Ives and Adam Jonas anticipating crucial updates on FSD and autonomous driving.
October holds the key for Tesla. Alongside third-quarter delivery figures and earnings, the highly anticipated Robotaxi unveiling could maintain the momentum.
Analysts are eager for insights on operational expenses, scalability, and a possible ‘CyberCab’ introduction that might propel Tesla’s autonomous vehicle narrative to new heights.
Related: Chinese EV Trio Nio, XPeng, Li Auto Surge Higher In Tuesday’s Premarket: What’s Going On
Stock Forecast: Bullish Climate
Technically speaking, Tesla’s stock forecast remains upbeat.
Chart created using Benzinga Pro
The stock is maintaining levels above key moving averages (five, 20, 50, and 200-day), with the 50-day average at $223.06 and the current price at $262.50, signaling robust upward momentum.
Chart created using Benzinga Pro
The MACD (Moving Average Convergence/Divergence) standing at 11.56 further supports a bullish trend. However, an RSI (Relative Strength Index) of 68.16 indicates the stock may be edging towards overbought territory.
Can Tesla keep its foot on the accelerator? With the Robotaxi event on the horizon and sound technical indicators, all eyes are on the road. Yet, any downtrend could hit a speed bump if key revelations fall short of expectations.
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