By WallStreet-IO
This is the official account for WallStreet I/O
This is the official account for WallStreet I/O
Tesla Bounces Back, will it continue?
Here's a two-year chart of (NASDAQ:TSLA) showing how it's recent bounce off a 24 month-low returns it to an extended, 16-month sideways trend.
Right now I"m seeing horizontal support at $160 and resistance just around $182, it's current price. It is currently trading at ta potential strong point of resistance, but if it can remain above this point, it potentially can hit 200, the next major level of resistance. Over $180 being bullish and under $160 being bearish for the mid-term future.
TSLA PayDayCycle Status right now has been upgraded from a +1 to a +2. This is because it successfully closed higher than yesterday's close. The stock has also been in a bullish PayDayCycle for 2 days now, and has been in a bullish cycle for eight days in a row.
PayDayCycles are 4-8 day trends in stocks that help people swing trade. To learn more about PayDayCycles make sure to grab the free Swing Trading Class on the right sidebar
The MACD has shown ten green bars in a row, six of which have been above zero. This confirms the bullish upswing.
Overall, it looks like Tesla is continuing to trend bullish, but considering that it has been up for 8 days in a row, I would expect for it to pull back soon, at least for the short term.