Tesla's electric rise over the past four months has led to much head-scratching and proclamations of a bubble. But for one of Wall Street's most respected technical analysts, the electric car maker's 320 percent run-up this year could be indicative of something else entirely.
Oppenheimer Chief Market Technician Carter Worth says Tesla has become strongly reminiscent of Amazon in the late 1990s. That means the rally could just be getting started.
First of all, the charts look remarkable similar. In the late 1990s, Amazon stock "was basing, and then it exploded in four months, essentially moving from $20 to $100 — up four and a half times." In Tesla, Worth sees "the same sort of circumstance, where the stock bases, and then also in a four-month period, this stock has moved from $30 to about $130 — exactly four months and exactly four-and-a-half-fold."
"So in both Amazon and Tesla, you've seen same formation," Worth said on Friday's "Options Action." "That's kind of a remarkable thing."