InvestingScope

TESLA: Has seen this pattern before and can target $800.

BATS:TSLA   Tesla, Inc.
TSLA is on critical crossroads as it is approaching the LH trendline of the November 1st 2021 All Time High and that will basically be the third test in a little over 4 months. With the 1W technical outlook neutral (RSI = 53.560, MACD = 5.620, ADX = 26.050) we can't be sure it will break but if it does, a fractal from the distant past (2015-2017) shows that it can target the 1.5 Fibonacci extension.

That is just over $800 and that will be our target once we close a full 1W candle above the LH. Even the 1W RSI patterns of the two fractals are similar. A third, not entirely similar fractal in 2019, also broke upwards (even more so) aggressively once the stock crossed over the LH trendline. Heading into 2024 our thesis is very bullish on Tesla.

See how our prior idea has worked:



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