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Tesla stock could ‘skyrocket’ after earnings, says market analyst

Tesla stock could 'skyrocket' after earnings, says market analyst

Tesla’s (NASDAQ: TSLA) stock is on the verge of reaching the $300 mark, building momentum ahead of its upcoming earnings report scheduled for Wednesday, July 19.

This surge comes after the successful release of Tesla’s Q2 Vehicle Production and Delivery report on July 2, 2023, which surpassed delivery expectations and set a new record for quarterly vehicle deliveries.

However, stock analyst Nebraksangooner cautions investors about the potential risks associated with swing positions just before the earnings announcement. In a recent tweet, the expert advises closely monitoring Tesla’s closing price on that day, as the earnings release is expected to generate significant volatility in the stock.

Market researcher Jake Wujastyk provides another perspective, suggesting that Tesla’s technical setup indicates a compelling opportunity for substantial growth. Wujastyk believes that the stock is optimally positioned to experience a notable surge, potentially pushing it beyond the $290 threshold.

Wujastyk states:

“Earnings could really make this skyrocket based on the current technical setup.”

TSLA stock outlook

If Wednesday’s earnings report exceeds expectations, Tesla’s stock could continue its upward trajectory, with the potential for a rally to reach $360-$400 in the coming months, particularly if the economy experiences a soft landing.

However, investors should be aware that the recent jump in Tesla’s stock was primarily driven by the news of the first Cybertruck rolling off the production line at Gigafactory Texas.

While the Cybertruck is an exciting product, it is unlikely to have an immediate impact on Tesla’s overall performance. Therefore, caution is advised, as the pre-earnings breakout could potentially be a false signal, known as a bull trap.

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