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Tesla
Long

TSLA to $420?

By mwrightinc
Updated
TSLA has been on a tear over the past month or so. Using the Magic Linear Regression Channel [MW] indicator we look at the chart of TSLA and see that it has blown through a lot of the parallel channels, making it seem difficult to pinpoint. But, by adding an outer Fibonacci band to the Magic Linear Regression Channel, and selecting starting pivot highs followed by the biggest drops, we can form a channel that has an upper Fibonacci channel that coincides with the all-time high. However, since TSLA didn't get to Elon's favorite number, 420, last time around, I think it will make it there this time before correcting or consolidating. And, it could make it there before the end of the year.
Trade closed: target reached
Magic Linear Regression Channel [MW] wins it again. TSLA hit 420.
Chart PatternsTechnical Indicatorslinear-regressionlinearregressionchannelpricetargetTrend AnalysisTesla Motors (TSLA)
mwrightinc
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