Tesla stock has formed a cup with handle with a 1,152.97 buy point according to MarketSmith analysis. Investors may welcome a slightly deeper, longer handle, to shake out weak holders and let key moving averages catch up.
However Tesla’s relative strength line has backed off a bit after spiking at the start of last week.
A mixture of top class stock market performance and improving earnings have netted TSLA a mighty IBD Composite Rating of 95.
The stock checkup tool underlines the improving financial performance. Earnings have grown by an average of 197% over the past three quarters, well clear of CAN SLIM requirements. Longer term results are also impressive, with its three-year EPS growth rate coming in at 211%.
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