During Wednesday night's Mad Money program Jim Cramer noted the surprise profit by Tesla Inc. (TSLA) , that sent shares soaring 17.7% in after-market activity. Jim commented further on Tesla in his Real Money column and TSLA is holding onto a big gain Thursday so let's find a charging station and check out the charts and indicators.
In this second Point and Figure chart of TSLA, below, we used weekly closing prices to construct the chart. Here a potential upside price target of $392 is being projected.
Bottom-line strategy: The base in TSLA goes back to June so it can support prices higher than where we are now. Do not count on or expect that TSLA will pull back to fill any of the price gap. Wait for some sideways price action to go long and use a stop below the lows of that price action.