Tesla Stock Rally: Shares Rise With The Stock Market

Bill now expects the automaker to deliver 409,000 vehicles this year, which is a 19% decline from his previous forecast. The company has said it will delver 500,000 vehicles this year.

Tesla stock rally comes alongside other auto stocks

Tesla stock isn't the only auto stock to rally this week. Ford and General Motors are also rallying as auto stocks in general seem to be benefiting from Congress' coronavirus stimulus plan.

Blue Line Capital founder Bill Baruch told CNBC"s Trading Nation that Tesla is showing technical strength on its stock chart. He said when Tesla stock pulled back, it bounced off the 200-day moving average. After the latest rally, Tesla stock is now back above $500 per share.

Despite the rally and support line at the 200-day moving average, he did question whether consumers would be purchasing $100,000 Tesla vehicles now that consumer spending is no longer driving the economy.

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