nycdude303
Long

Tesla Showing Continued Strength

NASDAQ:TSLA   TESLA INC
Tesla is showing continued strength after the correction from high $900's to high $600's. The stock formed an ascending triangle and recently broke out today on news of the $2bn stock offering. This capital raise further strengthens the balance sheet and enables the company to accelerate growth projects (Giga Texas? Battery Cell Manufacturing? Semi/Cybertruck? Model Y/Roaster?). Additionally, Musk and Ellison bought into the offering which is a further vote of confidence given they know much more about the company than the public. The market is reacting favorably to all of this.

As we move towards Q1'2020 deliveries and earnings , the stock should move higher given the longer-term trend ("the trend is your friend") and I believe the stock will form a large ascending triangle as seen from my chart. If Tesla beats on both events + Battery Day in April 2020, you'll see more analysts turn bullish which will propel the stock higher. If this plays out, the next leg will move towards $1,600. The first move went from $250 to $970, which is about $700 move. If you apply this to where the stock will settle at the end of this ascending triangle ($900-950) then you'll get something around $1,600.

Exciting times ahead for Tesla investors!
Feb 20
Comment: Looks like there could be a potential cup and handle formation or could continue sideways like my chart indicates. There would have to be a significant catalyst for this to break above $1,000 and confirm the cup and handle bullish pattern, which seems unlikely given those would be Q1 deliveries, earnings or battery day...we'll see next week!

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