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Tesla Stock Shows No Signs Of Slowing Down As It Eyes Best Winning Streak In Over 2 Years

Tesla agreed to partnerships with Ford and GM for their drivers to access Tesla's charging stations using an NACS adapter.

Tesla, Inc. (NASDAQ:TSLA) shares have been experiencing strong upward momentum in recent sessions, indicating a potentially positive end to the week. The EV giant’s stock could potentially gain for an eleventh straight session and mark its best winning streak since January 2021.

ANKARA, TURKIYE – JUNE 08: A Tesla car park at a Tesla charging station in Ankara, Turkiye on June 08, 2023. (Photo by Osmancan Gurdogan/Anadolu Agency via Getty Images) 

Big Partnerships: General Motors Corp. (NYSE:GM) has joined forces with Tesla to utilize the latter’s charging infrastructure, which could further support Tesla’s stock.

Tesla also partnered with the Ford Motor Company for Ford drivers to access Tesla’s charging station. 

Both General Motors and Ford vehicles must use the NACS adapter in order to charge at a Tesla charging station.

No details on price point how much Tesla will charge both GM and Ford customers.

Ford’s EVs have included the Mustang Mach-E and the F-150 Lightning. GM currently sells the Chevy Bolt and the GMC HummerEV. Other GM EV models are expected to his the market within two years.

Fund manager Ross Gerber stated in a CNBC interview, “This partnership sets a standard with the largest and most abundant EV manufacturers other than Tesla.”

In other news, according to a Reuters report citing a source, Tesla is talking with the regional government leaders of Valencia in Spain for a potential automotive investment. 

Additionally, CEO Elon Musk virtually engaged with Mongolian Prime Minister Luvsannamsrain Oyun-Erdene to explore potential electric vehicle investments in the country.

These developments strengthen the belief that Tesla is establishing itself as a global player, with manufacturing facilities and market presence across various regions.

“Tesla, many people think is an auto stock. We don’t, we think it’s much more than that,” said ARK Investment CEO Cathie Wood. 

The stock’s 52-week high stands at $314.67 (achieved in mid-August 2022), while its all-time high was $414.50 (intraday high on Nov. 4, 2021).

Considering Tesla surpassing the price targets set by most sell-side analysts, an upward adjustment of these targets is anticipated in the upcoming sessions, providing further strength to the stock.

The premarket trend indicates a potential breakthrough above the 100-day simple moving average of $249.17. Resistance levels can be found around $265 and $303.

In the event of profit-taking causing a pullback, the stock could find support around the $208 area. Tesla’s 200-day moving average, currently at $183.81, may also serve as strong support.

The relative strength index, a momentum indicator, suggests that the stock is approaching the overbought territory.

Tesla had cut the prices of the Model 3 and Model Y that led to the increase in the company’s sales, which are their cash cow.

Produced in association with Benzinga

Edited by Alberto Arellano and Jessi Rexroad Shull

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