It's time for another analysis for our alltime favorite Tesla (TSLA). I don't have an intro ready so ... this stock is basically a Meme. The monthly chart looks hilarious and many of my favorite analysts failed to call a good opportunity for a short position. It's like a big warning sign at the end of the road - DON'T SHORT TESLA!
What we can see on the chart is a pretty healthy (which is kinda weird). And whoever spotted one of the many different triangles (symmertical, ascending, declining, you name it) during this bullrun, definitely made profit.
TSLA recently broke out of a symmetrical triangle with a very strong impulse. The price tends to move upwards in a channel after a breakout of this pattern. The support of this channel has been tested yesterday. The price bounced back today and we can now aim for the top of the channel as our main target.
Here are some numbers that might be important for this trade
Use $550 - $570 as an entry
Close your position $670 - $690 before 16th December
Set your Stop Loss below $520
Everything else is explained on the chart. This is not a financial advice. cheers
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The upwards channel is still in tact and we are approaching our target