TESLA broke above the 2-month Resistance and is aiming for $300
Last month (August 15, see chart below) we gave a pull-back buy signal on Tesla (TSLA) and the price action swiftly responded with a August 28 Low and then rebound:
The rebound was on the 1D MA200 (orange trend-line) and today we see a strong bullish break-out above the 1D MA50 (blue trend-line). This alone is enough to confirm the start of the next phase of the Bullish Leg, since the long-term pattern is a Channel Up, as closing above 228.00 will constitute a Higher High.
Technically the structure is similar to the previous mid-Bullish Leg consolidation (April 30 - June 24), even the 1D MACD sequences between the two fractals are similar. In that sense we can't rule out some more ranged trading for September but on the long-term our Target remains unchanged.
We expect the $300 level to break before November.
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The rebound was on the 1D MA200 (orange trend-line) and today we see a strong bullish break-out above the 1D MA50 (blue trend-line). This alone is enough to confirm the start of the next phase of the Bullish Leg, since the long-term pattern is a Channel Up, as closing above 228.00 will constitute a Higher High.
Technically the structure is similar to the previous mid-Bullish Leg consolidation (April 30 - June 24), even the 1D MACD sequences between the two fractals are similar. In that sense we can't rule out some more ranged trading for September but on the long-term our Target remains unchanged.
We expect the $300 level to break before November.
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** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! This is best way to keep it relevant, support us, keep the content here free and allow the idea to reach as many people as possible. **
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