After consolidating for most of October, shares of Tesla Inc. (NASDAQ: TSLA) are once again knocking on the door of a potential breakout. The stock closed around $450 on Monday, Oct. 27, only a few percent shy of the $470 high from earlier in the month, and there are reasons to think more gains could be on the way.
At first glance, last week’s earnings report was mixed, showing steady delivery growth but continued margin compression. However, the market’s reaction has been surprisingly resilient. Rather than selling off, Tesla has held onto, and even added to, its recent gains, a sign that investor sentiment remains firmly tilted to the bullish side.
