TSLA: Chart of the Week
Today we’re talking about everyone’s favorite car: Tesla (TSLA).
As you can see back in the early part of the year – January/February – the stock really made a nice bottom and rallied into a super uptrend, right up to resistance at the 200 day ma and VWAP resistance as well. Ever since it’s made a gentle decline – from about the 207-210 area all the way down to 158. But it’s bounced off of there and it’s making a nice run back up to that 200 day ma. It’s coming in around 204-205 at the moment.
We see some good bullish qualities in the indicators here. We’re just about seeing a crossover here on the MACD. When we get a confirmed day on that, that will be a buy signal.
Going back to the early part of March, we had a bearish crossover on the TDI indicator, which compares relative strength to Bollinger bands. But now we’re pushing right back up to get a bullish crossover here, so that’s a good sign.
We’ve had some fairly good volume on the up days – also on the down days – don’t get me wrong, it’s not been wine and roses for Tesla. But with higher highs and higher lows, the stock will be making a better move.
Currently we are in a trend-less motion. We have lower highs but we also have higher lows – and there is no trend when you have that combination.
The stock is certainly one a lot of people pay attention to and watch for some upside. It’s got some resistance here with the downtrend line. It is supported by a good positive parabolic SAR – the dots are positive.
Keep an eye on Tesla. If it gets over 200-202, it could get some run-up towards the recent highs in the 250 range before too long.
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