TSLA averaged an over 10% gain for the month over the last 10 years
Tesla Inc (NASDAQ:TSLA) stock is enjoying some tailwinds today, last seen up 1.5% at $224.68. The electric vehicle (EV) maker updated its website to reflect that Model 3 and Model Y cars qualify for the Inflation Reduction Act’s $7,500 consumer tax credits, after the White House provided confirmation yesterday.
TSLA is already up 84.6% in 2023, and trading at its highest level since November. The shares also broke above long-term resistance from their 200-day moving average in late May, and according to a recent study from Schaeffer’s Senior Quantitative Analyst Rocky White, could do particularly well in June.
Tesla stock appeared on White’s list of best S&P 500 Index (SPX) stocks to own this month. TSLA finished higher in eight of the last 10 years, bringing its average one-month return for June to a lofty 10.1%. From its current perch, a comparable move would place the equity over the $247 mark for the first time since October.
Image and article originally from www.schaeffersresearch.com. Read the original article here.