Tesla Inc (NASDAQ:TSLA) stock revved up in September, soaring over 24% and leaving its Magnificent Seven peers in the dust.
Year-to-date gains for the car manufacturer stock are a modest 5.32%. Still, Tesla's recent surge outpaces rivals like Nvidia Corp (NASDAQ:NVDA) and Amazon.com Inc (NASDAQ:AMZN) by a wide margin.
The question now: Can Tesla sustain this rally, or is it running out of gas?
Performance Snapshot: Tesla Vs. Mag7 Peers
| Stock | 1-Month | Year-to-Date | 1-Year |
|---|---|---|---|
| Tesla Inc (NASDAQ:TSLA) | 24.23% | 5.32% | 3.99% |
| Alphabet Inc (NASDAQ:GOOGL) (NASDAQ:GOOG) | 5.40% | 20.03% | 23.61% |
| Nvidia Corp (NASDAQ:NVDA) | 12.44% | 152.11% | 171.19% |
| Microsoft Corp (NASDAQ:MSFT) | 5.09% | 16.02% | 33.72% |
| Meta Platforms Inc (NASDAQ:META) | 11.86% | 65.31% | 86.57% |
| Amazon.com Inc (NASDAQ:AMZN) | 5.72% | 24.28% | 43.93% |
| Apple Inc (NASDAQ:AAPL) | 4.59% | 25.51% | 34.10% |
Tesla's impressive 24.23% gain over the past month was driven by multiple catalysts.
Early September saw Tesla stock break through the resistance at $235, buoyed by strong China sales and anticipation surrounding the company's full self-driving (FSD) rollout.
What's Next For Tesla?
The upcoming Robotaxi event, scheduled for Oct. 10 in Los Angeles, is also fueling investor optimism. CEO Elon Musk has hyped this event as potentially Tesla's most significant moment since the Model 3 launch, and Wall Street bulls like Dan Ives and Adam Jonas expect key updates on FSD and autonomous driving.
Tesla's October is shaping up to be pivotal. Along with third-quarter delivery data and earnings, the highly anticipated Robotaxi event could keep momentum rolling.
Analysts are eyeing updates on operating costs, scale, and a potential 'CyberCab' unveiling, which could take Tesla's autonomous vehicle narrative to the next level.
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Stock Outlook Remains Bullish
From a technical perspective, Tesla stock's outlook remains bullish.
Chart created using Benzinga Pro
The stock is trading above its key moving averages (five, 20, 50 and 200-day), with the 50-day average at $223.06 and the current price at $262.50, indicating strong upward momentum.
Chart created using Benzinga Pro
The MACD (Moving Average Convergence/Divergence) sits at 11.56, further suggesting a bullish trend, though an RSI (Relative Strength Index) of 68.16 indicates the stock may be approaching overbought territory.
Can Tesla keep up the pace? With its Robotaxi event and solid technicals, it's worth watching closely. However, its rally could face resistance if key updates underwhelm.
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