TheTravel1ngTrader

$TSLA - MOMENT OF TRUTH! Bullish pattern forming

Long
NASDAQ:TSLA   TESLA INC
$TSLA is in a moment of truth here. #TSLA formed a bullish pennant after hitting all time highs. Pennants are considered continuation patterns (in this case a continuation of the violent uptrend). The volume is also declining in typical fashion during these types of continuation patterns. The Stoch RSI is oversold which TSLA responds well to on the 1D chart.

The yellow arrows are when TSLA reported delivery numbers too. These have typically been the launch point to new breakouts. If TSLA can break out of the pennant , the expected mid term move is towards $616 where the 1.272 Fib extension is. This would also coincide with its inclusion in the S&P 500 at the end of the year or the beginning of 2021.

Bullish pennants aren't a guaranteed bullish continuation though. They break to the upside a little more than half the time so prudent traders will want to watch for the breakout first.

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