Tesla Stock Rally Turns a Longtime Bear into a Short-Term Bull
A pretty surprising shift has just happened in the Tesla world. Dan Nathan, who has built a reputation as one of Wall Street’s more vocal skeptics of Tesla, has suddenly softened his stance—at least for now. He’s been known as a Tesla bear for years, but with the company’s recent stock performance, he’s admitting that the short-term picture actually looks bullish. And it all comes down to two things: technicals and sentiment.
So here’s what’s going on. Over the past month, Tesla shares have been on a real upswing. The stock is up more than fourteen percent in just thirty days, climbing over five percent in a single day and more than nine percent over the last week. That kind of momentum has caught Nathan’s eye. He pointed to some classic technical signals, like Tesla holding above its 200-day moving average and pushing through resistance levels, which traders often see as signs of strength. Basically, the chart is looking solid, and investors are reacting.
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But it isn’t just about lines on a chart. Nathan also mentioned sentiment—how people are feeling about the stock. Right now, optimism around Tesla is running high. The company has received regulatory approval to begin testing its Robotaxi program in Nevada, which is another step toward its long-promised autonomous future. That news alone has added fuel to the buzz around Tesla’s longer-term vision that extends well beyond just cars.
There’s also a short-term factor in play: the U.S. federal EV tax credit. The $7,500 incentive is set to expire at the end of September, and that’s driving a last-minute rush of buyers. With Tesla’s inventory already running low, especially in some markets where cars are nearly impossible to find, delivery numbers for the third quarter could end up surprising Wall Street. Nathan even suggested that analysts’ delivery expectations are probably too low, and that Tesla might exceed those forecasts when it reports results in early October.
All of this explains why someone who has been historically bearish is now willing to flip, at least for a trading opportunity. He’s not saying Tesla has no risks—far from it—but he does believe the stock has room to run as Q3 wraps up. And investors have clearly been responding, with Tesla’s share price trading around $389 as of mid-morning on the East Coast.
What makes this story interesting isn’t just the numbers, though. It’s the fact that Tesla continues to straddle two worlds: the immediate business of selling cars, which is pressured by tax credit deadlines and tight inventory, and the much bigger story about future technology—Robotaxis, AI, and robotics—that could transform the company far beyond its automotive roots. That mix of near-term urgency and long-term ambition is what’s giving the stock both momentum and mystery.
For now, even a longtime bear like Dan Nathan is willing to call Tesla “very interesting.” And in the fast-moving world of trading, that says a lot.
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