Shares of Tesla Inc (NASDAQ:TSLA) consolidated around the $180 level through May, with a solid floor of support at the 40-day moving average. The electric vehicle (EV) staple is down 29% since the start of the year, but if it is to stage a rebound, it could very well be during this upcoming month.
Per data from Schaeffer’s Senior Quantitative Analyst Rocky White, TSLA ranks sixth on the list of 25 best performing S&P 500 Index (SPX) stocks to own in June, finishing the month higher eight times out of 10 over the past decade with an average 12.1% return. A move of similar magnitude would send the stock above $197, its highest level since its late-April rally.
Unsurprisingly, Tesla stock also topped the list of White’s list of stocks that have attracted the highest options volume during the last 10 days. Bulls favored the stock, as 10,668,226 calls were exchanged in comparison to 7,563,033 puts.
