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Tesla bucks market sell-off in past month, and Oppenheimer charts where stock heads next

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Trading Nation: As Tesla bucks market sell-off, Oppenheimer charts where stock heads next
Trading Nation: As Tesla bucks market sell-off, Oppenheimer charts where stock heads next

Tesla has managed to shake off weakness that has plagued the rest of the high-growth and tech stocks over the past month.

The electric-vehicle maker has risen 7% over that stretch, while the QQQ Nasdaq 100 ETF has fallen 6%. The stock got a bid earlier this week after Tesla posted better-than-expected third-quarter deliveries over the weekend.

This comes ahead of the company's annual shareholder meeting Thursday.

Ari Wald, head of technical analysis at Oppenheimer, says the technical set-up looks constructive.

"The charts are bullish here," Wald told CNBC's "Trading Nation" on Monday. "The level we're watching ... is $780. We're right there. The stock is testing this very important level. This marked its February breakdown point as well as its April high."

While a move below that level could encourage sellers, Wald sees the potential for an upside break.

"We side with what we see as an underlying bullish trend as measured by its trend of higher lows, its 200-day average," said Wald. "So we do think a breakout to the upside, if not imminent, is on the table over the coming weeks to the coming months."

Tesla traded above $783 on Tuesday.

Nancy Tengler, chief investment officer at Laffer Tengler Investments, is also a believer in Tesla's potential.

"This is a stock that has never really traded on valuation. It's always traded on the long-term sustainable narrative, and it's a secular trend ... which we think continues and accelerates, despite what may or may not end up in the Build Back Better bill," Tengler said during the same interview.

Tengler also credits the company with managing a chip shortage that has disrupted production at other automakers, including Ford and General Motors.

"A Tesla has 3,500 or more chips in it, while a combustible engine has 1,000. So the fact that they were able to navigate this is a tip of the hat to [CEO Elon] Musk, et al. That was a spectacular [deliveries] announcement," she said.

Tesla delivered 241,300 electric vehicles in the third quarter, higher than the nearly 221,000 expected by analysts.