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BROKERS’ NOTES: Buy Tesla, sell Shopify

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Kamogelo Mosime, relationship partner at Tickmill Trading, on what the smart money is doing.

I know it is a bit of a cliché. Tesla is in a favourable zone and passed the ideal buying point of $207.89 a share, forming a cup base in technical terms. It cleared that buy point with above-average volumes. While the stock market performance over the past year has been weaker, Tesla is up nearly 100% since the beginning of the year. Earnings have improved significantly. Right now, it is an amazing stock to consider.

CEO Elon Musk also expressed confidence in the 2023 targets for vehicle sales and it will showcase upgraded models during this time.Shopify’s stock price did surge last month, thanks in part to a very strong earnings report. The issue with Shopify is that it’s still below its record high of the 2020 boom. So, despite the recent spike, there are indications that the stock may face a reversal. Despite the strong earnings, there were analysts who downgraded the stock, citing its high valuation.

 

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