As the chart shows Tesla has been trading within a Long Term Bull Channel for 4.5 months and within that Bull Channel, for 2 months from July 3 until August 28 they were within a short term Bear Trend, however the breakout on August 29 has signalled a potential change of direction. For the past 2 weeks the price has been consolidating at the current price point although the Money Flow Index has been showing a Strong Bullish Divergence. There have also been Positive Signals from the MA Cross and the Macd Strategy with a generally neutral price movement so my expectation is that the price is about to make a minimum move back up to $260.00 with a Low of only $263.71 by November 1st, 2weeks after their 3QF's are released. The Potential High however by this date, at the top of the channel would be a Bull Run up to $401.65 and that of course would be based on some extremely good financials. I will be very happy for Tesla to Retest their recent high of $300.00 which is a more likely scenario.
Kommentar:
I forgot to mention that you can also see that TSLA has moved back above the 50 day ema with the Aug. 29 breakout but I'd like to see a sustained move above the 7 day ema with a growing spread to confirm a new uptrend. It has now been trending along the 7day ema for just over2 weeks...