Shares of Tesla Inc (NASDAQ: TSLA) have been rallying hard since April’s low, gaining more than 50% in that timeframe. A 3% pop last Friday added to the momentum, and the chart is showing signs of an explosive move in the near term. After a multi-month stretch of tightening consolidation, Tesla is now coiled in a bullish pennant formation that looks ready to come to a head as the automotive giant heads into arguably its most important earnings report of the year.
The “test” for Tesla isn’t just what gets reported this Wednesday; it’s whether the stock can find the momentum to punch through resistance. With both the bulls and the bears drawing their battle lines, this week’s report could be the catalyst defining the rest of Tesla’s year.
