ELON HEADS INTO ISOLATION, AND TESLA BULLS GO LONG
Tesla is back to it's all time high, after almost 3 months of consolidation within the rising channel. Tesla has been somewhat of a laggard over the last week, with much of the market experiencing significant boosts on the back of vaccine news. In recent days there has been a lot of momentum with news about autonomous car safety reviews, and GM & Honda making significant commitments in this sector into the future.
For anyone already in a trade, this is a great position to hold and continue to let the market move. Anyone who entered prior to the announcement of the stock split; it now comfortably in a profitable position - with their breakeven point more than 3 deviations below the middle of the channel. If you are aggressive, a break of the All-Time-High could signify an opportunity to slightly increase position size - but I wouldn't be interested in going too heavy right now.
From a technical perspective, the RSI has nicely recovered and has plenty of upside headroom, and volume is creeping back up as well.
Tesla is back to it's all time high, after almost 3 months of consolidation within the rising channel. Tesla has been somewhat of a laggard over the last week, with much of the market experiencing significant boosts on the back of vaccine news. In recent days there has been a lot of momentum with news about autonomous car safety reviews, and GM & Honda making significant commitments in this sector into the future.
For anyone already in a trade, this is a great position to hold and continue to let the market move. Anyone who entered prior to the announcement of the stock split; it now comfortably in a profitable position - with their breakeven point more than 3 deviations below the middle of the channel. If you are aggressive, a break of the All-Time-High could signify an opportunity to slightly increase position size - but I wouldn't be interested in going too heavy right now.
From a technical perspective, the RSI has nicely recovered and has plenty of upside headroom, and volume is creeping back up as well.
