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Tesla rally won’t stop at $500, recent trading history suggests

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Shares of Tesla hit $500 per share Monday for the first time, and trading history for Elon Musk’s electric vehicle maker suggests that the stock market run can continue.

The rally began in October when Elon Musk’s electric car company surprised Wall Street, turning a profit. The stock has doubled in the past three months. Tesla soared nearly 40% in the past month alone.

According to a CNBC analysis of data from hedge fund trading tool Kensho, two weeks after moves of similar magnitudes, Tesla stock tends to perform well, gaining another 2.4% on average. In these eight similar trading scenarios over the past five years, Tesla stock traded positively 88% of the time — outperforming the S&P…



Source cnbc.com

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