Tesla Motors (TSLA) has finally made the move I have been looking for… a breakout to a new 52 week high and within a stone’s throw of a new all time high.  Technically, the stock actually broke out of a cup with handle base yesterday and today it added to that gain confirming the breakout from this bullish base.  What does this mean?  Well, it greatly increases the odds of a significant move in shares of Tesla over the coming weeks and months.  How much is anyone’s guess and depends entirely on the overall market,  but typically you’ll see at least a 20% move over the course of a few weeks which places my next target somewhere around the $43 range.

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In my last report on Tesla on Feb 16th, I said,  “Technically, I stand by my prediction from my last article that Tesla will soon retest the highs around $35 – $36 and likely break through before the year is out in anticipation of the Model S and Model X releases.”  I sure didn’t expect it to happen quite this quick, but the bullish event is here and in my opinion offering a nice entry point as long as it doesn’t gap up tomorrow.  Here’s the chart showing the breakout from the handle formation yesterday..

Disclaimer: I have no position in Tesla at this time.  I will be adding it should it return closer to the 34 level.  That is a much lower risk entry and I’m willing to be patient for it.