Tesla Could Be Accelerating
Tesla skidded lower after its last earnings report on July 19, but now the EV giant could be turning a corner.
The first pattern on today’s chart is the dive toward $212 on August 18. It was the lowest level in more than two months, but TSLA gapped back to the upside a day later. The result is a potential “abandoned baby” candlestick.
Second, the bounce occurred around the February highs. Is old resistance new support?
Third, the 8-day exponential moving average and MACD have both turned positive. That may suggest its short-term trend is getting more bullish.
Finally, the $240 level served as resistance last week but it’s trying power through that level today. If it succeeds, it could mean buyers are taking the wheel.
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The first pattern on today’s chart is the dive toward $212 on August 18. It was the lowest level in more than two months, but TSLA gapped back to the upside a day later. The result is a potential “abandoned baby” candlestick.
Second, the bounce occurred around the February highs. Is old resistance new support?
Third, the 8-day exponential moving average and MACD have both turned positive. That may suggest its short-term trend is getting more bullish.
Finally, the $240 level served as resistance last week but it’s trying power through that level today. If it succeeds, it could mean buyers are taking the wheel.
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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