Tesla: Back on the Highway
Updated
Tesla has had its fair share of bad news over the past year beating the stock down and making it a favorite of short selling bears for a bit. Well, those bears are counting their losses and will continue to do so.
Tesla is reversing trend quickly on news of their surprise profit and 2-day 30% price rally, but then came the shake out. Now, the trend is picking up speed and volume and accumulation again. We've seen a crossover between the 63 day and 200 moving averages, and the ADX has shown a sharp and fast move into a rapidly forming uptrend. RSI is high indicating some pressure from speculation, but it's topping out and staying topped out the way stocks in a strong rally do. Rate of change, MACD, and relative strength in comparison to a 70/30 blended fund are all positive over the last week with indication of addition upside in store with the prevailing market resuming an uptrend.
Tesla is reversing trend quickly on news of their surprise profit and 2-day 30% price rally, but then came the shake out. Now, the trend is picking up speed and volume and accumulation again. We've seen a crossover between the 63 day and 200 moving averages, and the ADX has shown a sharp and fast move into a rapidly forming uptrend. RSI is high indicating some pressure from speculation, but it's topping out and staying topped out the way stocks in a strong rally do. Rate of change, MACD, and relative strength in comparison to a 70/30 blended fund are all positive over the last week with indication of addition upside in store with the prevailing market resuming an uptrend.
Trade closed manually
This is a hair up, but I'm out. Maybe I'm missing out, but I have other positions making better profits.
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