Tomahawk, WI 09/08/2014 (Basicsmedia) – Wall Street has remained psyched up about Tesla Motors Inc. (NASDAQ:TSLA)’s impressive run in the market for the better part of the year. A closer look at the company’s daily chart according to CNBC’s Carter Braxton Worth shows that the company has only been consolidating for the last six months without any major movements on the upside.
Tesla Motors Inc. (NASDAQ:TSLA) sunk on Friday trading session by 3.02% to close at a low of $277.39 after CEO, Elon Musk, admitted that the company might be’ overpriced.
“I think the most important thing is, despite all the percentage gains that we might have referred one year to two years. It’s been no progress in six months virtually unchanged since February and so in that sense it has not extended at all, said Mr. Worth.
Musk has already pointed out that the company might be trading at high margins as investors continue to pursue long-term returns. The consolidation of the stock over the past six months according to CNBC’s Dan Nathan could become clearer in terms of where the stock might go afterwards, depending on how it performs this week.
Nathan remains confident that the stock may push even higher in the market as sentiments of the company’s CEO on the stock value fade-away in the coming days.
“In the last year the stock has had two 30% plus sell offs from highs here, so to me if you have this sentiments shift, and that is what could be happening and it could be out of the words of the CEO. This is probably a good shot if you get an opportunity early next week to put a trade to kind of isolate the consolidation,” said Mr. Nathan.
CNBC’s Michael Khouw, on the other hand, remains confident that Tesla Motors Inc. (NASDAQ:TSLA) has the potential to return up to $20 billion in revenue raising prospects that the company could surge even Higher in the coming months.
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