TESLA broke above the 2-month Resistance and is aiming for $300

5 set

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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