Tesla-- bullish above the trend line

Tesla has formed an upward sloping trend channel and is currently at the bottom of the channel.

It's currently at a minor resistance level , so it could break the channel Monday. If it does, look for breach of the 203-205 support zone to confirm an oscillation down to support at 188, forming a triangle chart pattern.

Alternatively, we could bounce off the bottom of the channel toward a stronger resistance zone at 220-223. This resistance zone repulsed Tesla's attempted move higher on June 11-12, so I'd expect a channel break here. The highest I think we go before breaking the channel is resistance at 230.

Tesla is on track to deliver a record number of vehicles in June, which could work as a catalyst in its favor. On the other hand, it has massively negative earnings and horrible analyst ratings headed into a market downturn. Yesterday the US government denied its application for tariff relief, and this has been a year of bad personal publicity for Elon Musk . Personally I wouldn't buy Tesla ; I'd just look for the optimal time to short.
Comment: In favor of the bull thesis, Tesla is currently edging above the downward-sloping parallel channel it's occupied for nearly six months. The breakout is a bullish sign, but it would need a candlestick breakout above resistance to convince me this is a new bull run. I don't think the fundamentals favor that kind of move, though Tesla has always been buoyed more by hype than financial health.

Comment: I got my candlestick breakout, so this is indeed looking like a genuine bull run. We still may see a pullback at about 230.
Stiff resistance at 227. If we push through that, next level appears to be 234.
Hey Chris, nice chart. Very simple :) (the best ones are)... Looking to see the top of this channel by weeks end!
+1 Reply
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