Tesla has been having the best month so far. Growth is spiking with barely any bearish days.
Today price action breaks and closes above the $360 resistance level (3.53% up!) that was tested multiple times since October, 2017, opening the doors for higher targets. All-time high at $390 is the next major level.
Investor sentiment is positive so far despite recent setbacks for Tesla, there is great faith in Musk’s vision, pushing the stocks higher. Analysts believe $400 level is in the cards.
Recently Musk bought a lot of Tesla stocks. Today’s break could be due to Musk’s tweet. Tesla being one of the most shorted stocks, when Musk was asked about people shorting Tesla, he replied: ‘They ‘shorts’ have about three weeks before their position explodes’. This comment today added further anticipation in the market. In three weeks the next quarterly results for Tesla are supposed to come out, not a coincidence. All this market anticipation is getting priced in now. Twitter is quite the power and it is not the first time Musk uses such announcements to boost investor faith in Tesla stocks.
Looking at trading volume, there is definitely a lot of interest in this stock. While RSI is also overbought now, chart shows Tesla can go even higher into overbought zone. If the next resistance is tested, could be a good opportunity for a long.
Happy Trading!
Today price action breaks and closes above the $360 resistance level (3.53% up!) that was tested multiple times since October, 2017, opening the doors for higher targets. All-time high at $390 is the next major level.
Investor sentiment is positive so far despite recent setbacks for Tesla, there is great faith in Musk’s vision, pushing the stocks higher. Analysts believe $400 level is in the cards.
Recently Musk bought a lot of Tesla stocks. Today’s break could be due to Musk’s tweet. Tesla being one of the most shorted stocks, when Musk was asked about people shorting Tesla, he replied: ‘They ‘shorts’ have about three weeks before their position explodes’. This comment today added further anticipation in the market. In three weeks the next quarterly results for Tesla are supposed to come out, not a coincidence. All this market anticipation is getting priced in now. Twitter is quite the power and it is not the first time Musk uses such announcements to boost investor faith in Tesla stocks.
Looking at trading volume, there is definitely a lot of interest in this stock. While RSI is also overbought now, chart shows Tesla can go even higher into overbought zone. If the next resistance is tested, could be a good opportunity for a long.
Happy Trading!
Again immediate reaction of the market, quite a bearish day, but still in the uptrend.
Musk says that many want the company 'to die', short seller in particular.