A Technical Approach to Tesla (TSLA)
In this post, I'll be going over Tesla's chart (TSLA) to discuss the technical aspect of the stock.
Disclaimer: This is not investment advice. This is for educational and entertainment purposes only. I am not responsible for the profits or loss generated from your investments. Trade and invest at your own risk.
Analysis
- To begin with, what's most important to understand is the fact that the overall uptrend for Tesla is still intact.
- The simple moving averages (SMAs) are all aligned in order, and the long term trend line, marked in green, is still valid.
- We are seeing a textbook descending wedge in play.
- The price has technically broken out of the pattern, and has retraced back to the support-turned-resistance, before it can form higher highs.
- I would like to see a break and close above the 60 Simple Moving Average, marked in orange, as a sign of bullish confirmation.
- Tesla's Artificial Intelligence (AI) Day will be taking place in Aug 19, which could serve as a stimulant for the bullish momentum.
- Based purely on the structure of the chart, a move up to $1,400 is a probable case.
If you like this educational post, please make sure to like, and follow for more quality content!
If you have any questions or comments, feel free to comment below! :)
Disclaimer: This is not investment advice. This is for educational and entertainment purposes only. I am not responsible for the profits or loss generated from your investments. Trade and invest at your own risk.
Analysis
- To begin with, what's most important to understand is the fact that the overall uptrend for Tesla is still intact.
- The simple moving averages (SMAs) are all aligned in order, and the long term trend line, marked in green, is still valid.
- We are seeing a textbook descending wedge in play.
- The price has technically broken out of the pattern, and has retraced back to the support-turned-resistance, before it can form higher highs.
- I would like to see a break and close above the 60 Simple Moving Average, marked in orange, as a sign of bullish confirmation.
- Tesla's Artificial Intelligence (AI) Day will be taking place in Aug 19, which could serve as a stimulant for the bullish momentum.
- Based purely on the structure of the chart, a move up to $1,400 is a probable case.
If you like this educational post, please make sure to like, and follow for more quality content!
If you have any questions or comments, feel free to comment below! :)
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