After a sharp move down following a disappointing earnings report in November, Tesla has been in recovery mode. Monday’s surge on strong volume may have been a turning point.
The MACD is on a new buy signal, while money flow remains strong. I like the relative strength, too. The steep slope indicates that this high beta name may start performing better than the market; it could test the 36 area before too long. The bullish W is also a sign that the bottom may be in.
Tesla (Nasdaq: TSLA) Video Chart Analysis
Take a deeper dive into the chart action on Tesla Nasdaq: TSLA and learn how to read the technicals. Get Bob Lang’s full analysis as he marks up our chart of the week.
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About Tesla
Tesla, Inc. designs, develops, manufactures, and sells electric vehicles and energy storage products in the United States, China, Norway, and internationally. The company operates in two segments, Automotive, and Energy Generation and Storage. It primarily offers sedans and sport utility vehicles. The company also provides electric vehicle powertrain components and systems to other manufacturers; and services for electric vehicles through its 135 company-owned service centers and Service Plus locations, as well as through Tesla Ranger mobile technicians. It sells its products through a network of company-owned stores and galleries, as well as through Internet. In addition, the company offers energy storage products, such as rechargeable lithium-ion battery systems for use in homes, commercial facilities, and utility sites. Further, the company designs, manufactures, installs, maintains, leases, and sells solar energy systems to residential and commercial customers through a sales organization that include specialized internal call centers, outside sales force, a channel partner network, and a customer referral program, as well as through selected Tesla stores. Additionally, it sells renewable electricity generated by solar energy systems to customers. The company was formerly known as Tesla Motors, Inc. and changed its name to Tesla, Inc. in February 2017. Tesla, Inc. was founded in 2003 and is headquartered in Palo Alto, California.
