Tesla just hit a major milestone.
The electric vehicle maker turned 10 years old as a publicly traded company on Monday, a stretch in which it rallied from its IPO price of $17 a share to over $1,000.
Just this year, shares have risen more than 130%. The stock is on track for its best quarter since 2013.
Ari Wald, head of technical analysis at Oppenheimer, said Monday that one key level should indicate whether the stock has more room to run.
“It still screens positively in our trend work, and for that reason we stick with it,” Wald told CNBC’s “Trading Nation.”
“Here’s a stock that’s trying to break through its February peak. And I think from a trading basis, you like to see the stock price hold above its 50-day moving average at around $900 support if this this breakout is going to occur sooner rather than late.”
“More broadly speaking, we continue to expect these higher-growth companies to receive a premium in this low-rate and low-commodity world so you have top-down portfolio tailwinds to boot. Stick with it,” said Wald.
In the same “Trading Nation” segment, Quint Tatro, president of Joule Financial, said he sees it as a stock that trades more on faith than fundamentals.
“Tesla just has this wonderful history of proving every single person wrong, so it’s very tough to bet against this company – the stock or [CEO Elon Musk],” Tatro said. “We’ve been in the same camp that we’ve been in for a long time — that is, it’s not a fundamental play, it is a play based on your belief in him as a visionary and as an entrepreneur.”
However, he added, after such a steep run-up this year, now might be the time to jump in.
“It pays to really buy this company in the stock when it’s beaten up and everybody thinks it’s going to go out of business and then [Musk] comes and pulls a rabbit out of his hat and it’s off to the races,” said Tatro.