As we saw $695 on the TSLA chart a few days ago, a S&P 500 inclusion has helped develop a new uptrend channel for TSLA.
While we have seen this channel hold so far, we have a couple catalysts on the horizon specifically Q4 delivery numbers and stimulus boost.
For this channel to hold TSLA must remain above $630. A drop below and we could see as low as $540. Considering the current price action to be weak, TSLA also has a history of consolidation and breakout patterns over the last couple months. That being said TSLA just broke out to new highs last week and could see a drop before more consolidation.
Keep an eye out for the near term support and look out for more news.
TSLA is a stock that has defied technical analysis before and could do it again. But if looked at closely, both sides can be played very well.
Trade responsibly!
While we have seen this channel hold so far, we have a couple catalysts on the horizon specifically Q4 delivery numbers and stimulus boost.
For this channel to hold TSLA must remain above $630. A drop below and we could see as low as $540. Considering the current price action to be weak, TSLA also has a history of consolidation and breakout patterns over the last couple months. That being said TSLA just broke out to new highs last week and could see a drop before more consolidation.
Keep an eye out for the near term support and look out for more news.
TSLA is a stock that has defied technical analysis before and could do it again. But if looked at closely, both sides can be played very well.
Trade responsibly!