Let’s take a look at Tesla (NASDAQ:TSLA) shares, which recently broke the $1,000 mark – increasing by a whopping 12.66% in a single day. The reason for the upswing? Rental car company Hertz just gave Tesla a billion-dollar order.
Now that it has broken above the $900 level, Tesla stock has generated another buy signal. The order is certainly a major milestone for Tesla, but whether a price of over $1,000 is now justified is debatable. But the fact is that Musk is continuing his success story.
Setback After the Strong Rise?
From a chart perspective, the share has generated a fresh buy signal, but the stock is very heavily overbought, which is why a possible correction is now increasingly likely. After all, the good news has already been massively priced in with the strong price increase.
Buy Tesla Stock Now?
Anyone still buying at the current level definitely needs strong nerves, because a price setback to the last breakout zone is very likely. However, Tesla still looks strong overall from a chart perspective.