Aug 11 – Tesla (NASDAQ:TSLA) shares extended their winning streak Monday, climbing 3.5% to $341.8 and aiming for a fourth consecutive day of gains. The move puts the stock on the verge of a potential technical breakout, with chart watchers flagging $368 as the next key target if it can hold above the $338 resistance level, according to strategist Mark Newton.
Fresh data on Tesla’s order backlog shows Model Y wait times stretching to four-to-six weeks, up from one-to-three earlier this summer. The jump suggests rising demand, likely fueled by buyers rushing to secure the soon-to-expire $7,500 federal tax credit. The incentive, scaled back under President Donald Trump’s July 4 tax bill, has created a sense of urgency among prospective EV owners.
Year to date, Tesla shares remain down about 18%, reflecting a challenging first half. However, over the past 12 months, the stock has rallied roughly 65%, supported by improving production metrics, pricing stability, and renewed enthusiasm for the company’s growth story.
For many Tesla bulls, the real long-term catalyst remains the company’s autonomous-driving technology. Advocates believe its progress in full self-driving capabilities could open up entirely new revenue streams and transform Tesla’s earnings profile over the next decade.
This article first appeared on GuruFocus.