Tesla (TSLA) is extending the rally following the buy signal (see chart below) we gave on November 07 at the bottom of the 1 year Channel Up:
The price has had 6 green candles out of a total of 7 and looks to repeat the Bullish Legs of April - July and January - February. What's more important than that, is that Tesla is approaching its 'Do or Die' moment as for the 5th time in 2 years (since November 2021), it is about to test the Lower Highs trend-line of the All Time High (ATH).
This huge Resistance level has rejected the price 4 times already, always initiating strong sell-offs. The 1W RSI has already broken above its own Lower Highs trend-line of July, so this could be an early signal of strength accumulation.
If we get a 1W candle close above the Lower Highs, we expect the final phase of the Bullish Leg to materialize and that would have practically confirmed that Tesla finally officially entered into a new Cycle of long-term growth. The target remains $345.00, representing a +75% rise from the recent Channel Low (-20% from the previous Leg).
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