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Tesla stock has formed a cup with handle with a 1,152.97 buy point according to MarketSmith analysis. Investors may welcome a slightly deeper, longer handle, to shake out weak holders and let key moving averages catch up.
However Tesla’s relative strength line has backed off a bit after spiking at the start of last week.
In recent years, several moves indicated that Samsung was interested in being the ultimate camera supplier to Tesla, one of the biggest electric car manufacturers today; however, the direction of those involved was still unclear, until this moment. The South Korean confirmed that, in fact, it is negotiating with one of Elon Musk’s companies, aiming to become the potential supplier of the aforementioned equipment. The procedure is still in its early stages, and more information about the potential contract has yet to be revealed.
Last month, the South Korean newspaper Korea Economic Daily reported that Tesla closed a contract with Samsung, worth approximately R$19.5 billion. The procedure would be about the acquisition of new cameras for the autopilot of some specific models, such as the Tesla Model 3 and S, Cybertruck, among others. Mass production of the modules would start this month, in July. Still on the Cybertruck, Samsung Electro-Mechanics will be responsible for supplying the equipment highlighted for the peculiar vehicle.
A mixture of top class stock market performance and improving earnings have netted TSLA a mighty IBD Composite Rating of 95.
This year has been a big one for Tesla (TSLA) – the electric car company has seen its stock price skyrocket, and its earnings have improved as well. As a result, Tesla now boasts an IBD Composite Rating of 95 – putting it in the top tier of stocks when it comes to performance.
What’s driving this impressive showing? In part, it’s due to the strong performance of the stock market overall. But Tesla is also benefiting from improvements in its own fundamentals, including growing sales and improving margins.
With such strong momentum behind it, Tesla looks poised for continued success in the months and years ahead. If you’re looking for a high-growth stock to add to your portfolio, Tesla is definitely worth.
The stock checkup tool underlines the improving financial performance. Earnings have grown by an average of 197% over the past three quarters, well clear of CAN SLIM requirements. Longer term results are also impressive, with its three-year EPS growth rate coming in at 211%.
Rumors pointed out that a dispute with LG Innotek was fought, aiming at the contract, but the competitor later stated that it did not participate in the auction. In 2021, it was announced that “Samsung has already closed a deal worth US$ 436 million with one of the largest manufacturers of electric vehicles in the United States”, however, given the recent confirmation, it seems that this procedure may still change in a not so distant future.
Regardless of the information we have at the moment, we have to wait to see the development of the negotiation that could reach billions. In recent months, Tesla has reached the top spot on the list of most manufactured cars in the US, so it seems that those involved will continue with their high investments.
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