Tesla – one of my favorite stocks. It looks to me that there may be a change in character taking place. It broke out of its long-term downtrend on May 23rd which put it over both the downtrend line AND the 40-week MA. It then pulled back for a successful retest and posted a nice pocket pivot last Friday, May 26th. It is now up against another resistance area today. I am long this name for a few days now and pulled some off today as it flirts with that resistance area. I think it would be healthy if it could form a base in this area for at least a few days and then break through. All TBD. I will be looking to add to my position again if / when it breaks above that area. If it does that, my price target is around $270.
Ideas, not investing / trading advice.
Thanks for looking. Constructive comments always welcome.