Shares of Tesla (TSLA) are trading higher in Friday’s session, putting the company on track to extend its longest winning streak in over a year. This movement comes after Tesla’s quarterly deliveries beat expectations earlier in the week.

Jared Blikre and Josh Lipton break down the stock valuation and the larger state of the EV market.

For more expert insight and the latest market action, click here to watch this full episode of Market Domination.

This post was written by Melanie Riehl

Video Transcript

It is time now for some trending tickers.

First up is Tesla.

Uh, shares are higher this afternoon, putting them on track to extend their Lo longest winning streak in over a year.

And this comes as a car manufacturer beat on quarterly deliveries earlier this week.

Uh, but, Josh, this is really a momentum story.

And if we go to the Wi Fi Interactive, I want to chart what’s going on in Tesla, but also the entire EV space.

So here’s Tesla.

Uh, I have been tracking this inverse head and shoulders pattern that finally played out, and now we got this multiple, uh, day rally to the upside.

But more broadly, look at the year to date, in Tesla versus and some of the bigger ones versus everything else.

You got this corner of stocks down there.

When I do equal weight, you just see that’s most of the stocks right there.

And they are down a significant amount.

So hasn’t been the best year for, uh, some of the smaller players players in EV.

But now we see Tesla.

Guess what Tesla is just breaking into.

Even you can see it’s up without edging into the greens.

0.7% battling back.

You know, stocks have been ring.

Of course this week.

Uh, report deliveries for the second quarter.

Beat estimates.

Investors liked it.

We did speak to Dan Ives over at Web Bush Tesla bow.

You know, Ives came on the show, pounded the table, said, Listen, the worst is in the rearview mirror for Tesla.

Very importantly.

Said it appears China saw many rebound in the June quarter.

Of course, in just a couple of weeks now, a few weeks you got, uh, Chi, uh, Tesla’s big report.

So we’ll be watching closely to that.

We will.