Tesla loooked to be heading way lower yesterday, trading all the way down to an intraday low of $221.95, but the buyers swooped in and pushed the stock back up to $226.75 to close the day.
Looking at the chart above, yesterday's candle (highlighted in oval) has a long bottom wick, showing us that the bulls refused to let Tesla go lower.
We would have loved to see a close above the high from Wednesday ($228.00), but are still looking for more upside from Tesla, with price targets at $235.71 and $250.87.
Technical Indicators for Tesla:
Moving Averages - The 8-day, 21-day and 55-day EMAs are trending up and the 21 crossed above the 200-day yesterday, showing a shift in momentum towards the upside. The slower moving averages are still moving sideways and we would like to see them start trending upwards to confirm a long-term trend for Tesla.
RSI - Overbought at 74.04. This is something to keep an eye on if you are long Tesla. We have seen it stay in overbought territory for a long time before, so its nothing to make you exit a position, but something to keep on your radar.
MACD - Bullish. Trending up and above the '0' line.
Looking at the chart above, yesterday's candle (highlighted in oval) has a long bottom wick, showing us that the bulls refused to let Tesla go lower.
We would have loved to see a close above the high from Wednesday ($228.00), but are still looking for more upside from Tesla, with price targets at $235.71 and $250.87.
Technical Indicators for Tesla:
Moving Averages - The 8-day, 21-day and 55-day EMAs are trending up and the 21 crossed above the 200-day yesterday, showing a shift in momentum towards the upside. The slower moving averages are still moving sideways and we would like to see them start trending upwards to confirm a long-term trend for Tesla.
RSI - Overbought at 74.04. This is something to keep an eye on if you are long Tesla. We have seen it stay in overbought territory for a long time before, so its nothing to make you exit a position, but something to keep on your radar.
MACD - Bullish. Trending up and above the '0' line.