Will Tesla Drive Higher?
Tesla more than doubled between January and mid-February. It retraced almost half that move last month and is now trying to bounce. Will the move continue?
The first pattern on today’s chart is the 50-day simple moving average (SMA), which the electric-car maker tested and held at the start of last week. The 50-day SMA is also rising for the first time since last summer. That may suggest its intermediate-term trend has turned bullish.
Second, the Relative Strength Index (RSI) has started to rise. Similar turns in January and last May were followed by upside in the share price.
Next you have the level around $166. It was monthly low for TSLA in November and held again this month.
Fourth, the stock began this week by making a lower low than Friday and then a higher high. That kind of outside candle could suggest prices are coming to life after a period of consolidation.
Finally, the calendar may provide a catalyst because TSLA’s quarterly deliveries are due in about two weeks.
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The first pattern on today’s chart is the 50-day simple moving average (SMA), which the electric-car maker tested and held at the start of last week. The 50-day SMA is also rising for the first time since last summer. That may suggest its intermediate-term trend has turned bullish.
Second, the Relative Strength Index (RSI) has started to rise. Similar turns in January and last May were followed by upside in the share price.
Next you have the level around $166. It was monthly low for TSLA in November and held again this month.
Fourth, the stock began this week by making a lower low than Friday and then a higher high. That kind of outside candle could suggest prices are coming to life after a period of consolidation.
Finally, the calendar may provide a catalyst because TSLA’s quarterly deliveries are due in about two weeks.
TradeStation has, for decades, advanced the trading industry, providing access to stocks, options, futures and cryptocurrencies. See our Overview for more.
Important Information
TradeStation Securities, Inc., TradeStation Crypto, Inc., and TradeStation Technologies, Inc. are each wholly owned subsidiaries of TradeStation Group, Inc., all operating, and providing products and services, under the TradeStation brand and trademark. TradeStation Crypto, Inc. offers to self-directed investors and traders cryptocurrency brokerage services. It is neither licensed with the SEC or the CFTC nor is it a Member of NFA. When applying for, or purchasing, accounts, subscriptions, products, and services, it is important that you know which company you will be dealing with. Please click here for further important information explaining what this means.
This content is for informational and educational purposes only. This is not a recommendation regarding any investment or investment strategy. Any opinions expressed herein are those of the author and do not represent the views or opinions of TradeStation or any of its affiliates.
Investing involves risks. Past performance, whether actual or indicated by historical tests of strategies, is no guarantee of future performance or success. There is a possibility that you may sustain a loss equal to or greater than your entire investment regardless of which asset class you trade (equities, options, futures, or digital assets); therefore, you should not invest or risk money that you cannot afford to lose. Before trading any asset class, first read the relevant risk disclosure statements on the Important Documents page, found here: https://www.tradestation.com/important-information.
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