TESLA just made a crucial break-out that few are noticing.Tesla (TSLA) soared last week following the better than expected earnings, an event we covered extensively, and have practically erased all the negativity/ cautiousness that came following the Robotaxi event.
However, the closing of last week found Tesla making a crucial bullish break-out that might have gone under most people's radar. The price not only broke the Lower Highs trend-line that started all the way from the November 2021 All Time High (ATH) but almost managed to close the 1W candle above it.
Technically this is a major buy signal long-term that targets the final two Resistance Zones (1 and 2) of the Bear Cycle. With the 1W RSI effectively consolidating like February - May 2023, we believe that as last year, the price will now start the 2nd phase of the April 22 2024 Bullish Leg of a potential 2-year Channel Up.
We expect Resistance Zone 1 to break and if upon a re-test it holds, our long-term Target of $380.00 should finally be materialized.
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