Tesla stock rises above this key chart level, first time in 4 months

Shares of Tesla Inc.
TSLA,
+10.97%
powered up 9.3% in morning trading Thursday, putting it on track for the best one-day performance in six months, in the wake of the electric vehicle maker’s upbeat 2023 production outlook. The rally took the stock above the widely followed 50-day moving average (DMA), which many chart watchers use to track shorter-term trends, and extends to $151.48 on Thursday, according to FactSet data. The last time the stock traded and closed above the 50-DMA was Sept. 22, 2022, when it closed at $288.59. The stock was still well below the 200-DMA, which many view as a dividing line between longer-term uptrends and downtrends, and which extends to $233.70. The stock has now run up 46.0% since closing at a 2 1/2-year low of $108.10 on Jan. 3, while the S&P 500
SPX,
+1.10%
has gained 5.3% over the same time.