Will Tesla push through 300?

Tesla's delivery numbers beat analysts' expectations, and the stock soared over 10%, making it the biggest gainer in the S&P 500.

Tesla reported second-quarter deliveries of 443,956 vehicles, easily surpassing the expected range of 420,000 to 425,000. While this beat Wall Street expectations, it is still lower than the 466,000 electric vehicles delivered in the second quarter of 2023.

Tesla also announced on Tuesday that it deployed 9.4 gigawatt-hours of energy storage products in the second quarter, a 132% increase from the previous quarter. This marks the highest quarterly deployment in the company’s history.

Tesla’s energy business is no longer a niche market; with declining lithium battery costs and growing demands for grid stability worldwide, Tesla’s MEGAPack is seeing continuous success. Just a few days ago, they secured a $160 million MEGAPack installation deal in New Zealand.

From the chart you can see that Tesla's stock recently broke through a prior area of consolidation, marked by heavy volume candlesticks, which also corresponds to the neckline of a head-and-shoulders bottom pattern. This confirms the head-and-shoulders bottom formation and indicates the start of a new upward trend.