Evercore Technician: Tesla To Touch $300 Soon

Shares of Tesla Motors Inc (NASDAQ: TSLA) have been on a massive run, up more than 40 percent ($81) in last three months.

According to Rich Ross, Managing Director and Head of Technical Analysis at Evercore ISI, this momentum will continue in the future. He was on CNBC recently to share his technical outlook for the stock.

Potential To Go Up To $300

"The stock has held up like a rock against the backdrop of this uptick in macro volatility," Ross said. "And I think this stock has what it takes to get all the way up to $300 a share."

Related Link: Credit Suisse: Tesla Stock Has 'Substantially' More Upside, Could Hit $400 By Next Year

The Explanation

Ross explained why he foresees Tesla going to $300, saying, "First thing we see when we break down this chart is this big downtrend that starts last September into May of this year. But then importantly, the stock establishes a very nice rounded base of support. We breakout above the neckline of that base and takeout this 150-day moving average in the process."

"Now that started as a almost a straight line here. This fresh new uptrend and look how the stock has held up, once again even as Greece fears, Puerto Rico has weighed on the broader market. Tesla in here testing its old high for the year. I think that gets us all the way up to $300, a new high for the stock.

"Once again, I'll be a buyer of Tesla in here. I think it's a great name to own and that's how we get to $300," Ross concluded.