Tesla (TSLA) stock has rallied from $350 on March 18th to roughly $600 in after hours trading on Thursday. This represents a massive 71% gain from the low and there is still another 50% to go to hit $900. Tesla (TSLA) raised over $2 billion right before the stock market plunge so the company was well capitalized going into the Covid crisis. While the Fremont plant will remain closed until May 4th, Tesla's China Gigafactory is the most important growth driver right now as the company continues to hit record production. Tesla is set to crush the competition by delivering cars straight to Chinese consumers from that factory.
As for the stock, Tesla (TSLA) shares are back testing $600 and coming up on some major resistance. Watch the $611-$645 area as well as the $668 level. Tesla has rallied back to a critical area of resistance so I'm expecting shares to take a pause here before the next earnings report. All major pullbacks remain a super strong buy for long term investors.
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