TradeStation

Tesla Has Pulled Back to Some Key Levels

NASDAQ:TSLA   TESLA INC
Tesla was one of the biggest movers in late 2019 and early 2020, more than tripling in value on a monster short squeeze. TradeStation highlighted the trend in early December and now it's back on our radar.

TSLA has pulled back to an area where two levels are in play:

First, it probed its 200-day moving average yesterday for the first time since October. (Click here for the "Distance from MA" script featured on this chart.)

Second, it tested old highs around $385 from 2017 and 2018.

This may create the potential for classic trend following if current levels hold.

There have also been some upgrades this week: Bank of America yesterday and Morgan Stanley today. Both raised it from the equivalent of "sell" to "hold," mostly based on the depth of its recent pullback.

In conclusion, there's still plenty of volatility and uncertainty out there. But TSLA was one of the strongest names before coronavirus hammered the market. Investors hoping to put money to work may want to see if these levels hold in coming sessions.

Comments

Buying at 400$ would have been a really good buy.
Reply
Consistantly low RSI+low price movement during accumulation phase.
20MA,50MA and 200MA starts diverge (entering stage 2: Uptrand).
Very high volumes based on DNV.
Price rebound above 50MA & 200MA (Test price)
Reply
Do you believe it will fall back towards $385 area or hold its position?
Reply
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