For those not acquainted with my TSLA bona fides, I have been writing in the most glowing terms about Elon Musk and his creations for over a decade. Here is just one example from almost a dozen years ago (a post so old, the graphics don’t even exist on the server anymore!) in which I wrote:
Within days, I’m picking up a Model S (long-since reserved; there’s a one-year wait). I have a deep fondness for Tesla; their founder, Elon Musk, is an incredible entrepreneur; the attention to detail to the product line is Steve Jobsian, and the chart looks poised to break out. I’m going old school and buying a bunch of stock for my kids, getting it in certificate form, and shoving it into a safe deposit box. I think this company has a very bright future ahead.
I’d say I nailed that prediction, wouldn’t you?
More recently, the stock has, having been battered to pieces only seven months ago, been doing something unthinkable: approaching its lifetime highs, established over three years ago. It teased the zone above $400 yesterday, but today it’s actually managing to hold the level.
Looking at the daily chart, you can see how the election has worked wonders for Tesla, as it is now once again the proud member of the trillion dollar club.
Even longer-term, you can see how it is approaching a breakout. I suspect it will do so soon, and these things tend to feed on themselves. I could easily see TSLA at $430-$440 in the weeks ahead.
Allow me to splash some ice water on this, however. I don’t think TSLA is going to be immune to any general stock market weakness in 2025, and I noticed a rather amazing analog between what is happening now and what happened to the stock around 2017. Below is the layered chart, and the similarities make my toes curl.
So, just to cut to the chase – – I think the stock is going to break to new, lifetime highs, make some kind of meaningful new high (in the mid 400s, I guess – -I dunno) and………..that’ll be it for a while. Maybe even for years.
Oh, and speaking of the Eloniverse………
