Tesla reported unimpressive deliveries for the third quarter because of factory downtime. However, the EV maker’s big news might not be in the past, but the future.
There has been growing buzz about TSLA’s Cybertruck being released soon. (Reports like promotional materials being created and more Cybertrucks spotted in public.) This may pave the road to the upside in coming weeks.
There are also potentially bullish patterns on the daily chart.
First, you have the rising trendline along the lows of late April, mid-August and late September. TSLA’s most recent pullback did nothing to violate that support.
Second, the stock has continued to hold the $240 level we cited in late August before the shares jumped above $275.
Next, the 50- and 100-day simple moving averages (SMAs) are converging around the current price. This reflects how little the stock has moved in the intermediate term and may create the potential for expansion away from those SMAs.
Third, stochastics are rebounding from an oversold condition.
Finally, TSLA gapped lower on July 20, following its last quarterly report. Some traders may look for the shares to run up toward that space.
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This content is for informational and educational purposes only. This is not a recommendation regarding any investment or investment strategy. Any opinions expressed herein are those of the author and do not represent the views or opinions of TradeStation or any of its affiliates.
Investing involves risks. Past performance, whether actual or indicated by historical tests of strategies, is no guarantee of future performance or success. There is a possibility that you may sustain a loss equal to or greater than your entire investment regardless of which asset class you trade (equities, options, futures, or digital assets); therefore, you should not invest or risk money that you cannot afford to lose. Before trading any asset class, first read the relevant risk disclosure statements on the Important Documents page, found here: www.tradestation.com/important-information.
There has been growing buzz about TSLA’s Cybertruck being released soon. (Reports like promotional materials being created and more Cybertrucks spotted in public.) This may pave the road to the upside in coming weeks.
There are also potentially bullish patterns on the daily chart.
First, you have the rising trendline along the lows of late April, mid-August and late September. TSLA’s most recent pullback did nothing to violate that support.
Second, the stock has continued to hold the $240 level we cited in late August before the shares jumped above $275.
Next, the 50- and 100-day simple moving averages (SMAs) are converging around the current price. This reflects how little the stock has moved in the intermediate term and may create the potential for expansion away from those SMAs.
Third, stochastics are rebounding from an oversold condition.
Finally, TSLA gapped lower on July 20, following its last quarterly report. Some traders may look for the shares to run up toward that space.
TradeStation has, for decades, advanced the trading industry, providing access to stocks, options, futures and cryptocurrencies. See our Overview for more.
Important Information
TradeStation Securities, Inc., TradeStation Crypto, Inc., and TradeStation Technologies, Inc. are each wholly owned subsidiaries of TradeStation Group, Inc., all operating, and providing products and services, under the TradeStation brand and trademark. TradeStation Crypto, Inc. offers to self-directed investors and traders cryptocurrency brokerage services. It is neither licensed with the SEC or the CFTC nor is it a Member of NFA. When applying for, or purchasing, accounts, subscriptions, products, and services, it is important that you know which company you will be dealing with. Please click here for further important information explaining what this means.
This content is for informational and educational purposes only. This is not a recommendation regarding any investment or investment strategy. Any opinions expressed herein are those of the author and do not represent the views or opinions of TradeStation or any of its affiliates.
Investing involves risks. Past performance, whether actual or indicated by historical tests of strategies, is no guarantee of future performance or success. There is a possibility that you may sustain a loss equal to or greater than your entire investment regardless of which asset class you trade (equities, options, futures, or digital assets); therefore, you should not invest or risk money that you cannot afford to lose. Before trading any asset class, first read the relevant risk disclosure statements on the Important Documents page, found here: www.tradestation.com/important-information.
