For a while now, Jeffry’s been watching Tesla (TSLA) closely.
At first, it was during its catastrophic 40%+ slide down from 250 early this year.
See, even as a Tesla supporter, he had been warning that the charts held a nasty surprise for the stock to drop down near the 149 level.
After the stock bottomed out at 139, Jeffry’s had his eye on some huge upside targets — as high as 350 or even 500.
While it might sound unlikely now, given all the negative news and recalls, Jeffry often reminds us “the news doesn’t make the charts.”
The charts have their own internal dance and the news often fails to align with that.
In fact, Jeffry has said that he often notices battered stocks start recovering 6 months or so before positive news starts flowing in.
Could this be the case for Tesla?
Last night on his 30 Minutes of Awesome broadcast, Jeffry revealed that he had just taken delivery on the Cybertruck he first reserved with a $100 deposit back in 2019.
It’s been a long wait and he’s incredibly proud of the truck.
But that’s not the Tesla surprise we’re talking about!
Here’s the real surprise: If you’ve been listening to the news lately, you’ll know that Tesla has had a recall on Cybertrucks.
Jeffry astutely pointed out that the headlines all over the news are honing in on the number of Cybertrucks that have been recalled: 11,688.
He believes that this number will anchor a low expectation for markets on the total number of Cybertrucks that have been delivered.
Here’s where it gets interesting:
Jeffry just took delivery of Cybertruck #19,188, meaning that markets could be expecting about half the number of Cybertrucks than have actually been delivered in the first half of 2024.
With such a low expectation, could this be a boost to Tesla stock once the next earnings are announced in a few weeks?
Jeffry seems to think so. And it could be just the kickstart that TSLA needs to start heading towards those 350 and 500 upside targets he’s drawn on his charts back in April.
Stay tuned!
— The Jeffry Turnmire Trading Team
