This one's wound up tight in a bunch of ways... look for a gap, a pullback.. and then a run.
My bias is on the upside considering the recent pull-back and the 200 day moving average.
In the space of 2 days, Tesla dropped 5% and then regained support of a rising trend that began almost 2 years ago.
This should be a strong indicator that the 'weak hands' have been flushed out ..
Cap that with a strong rally higher in the finishing moments of wednesday.. I have a hard time imagining this won't open higher Thursday.. possibly into a short squeeze.
Recently failed to hold and failed to recover.. and dipped below the 8 year uptrend support channel. (orange rising)
Below 50 SMA (red above)
Below 7$ historic resistance. (orange horizontal)
Riding the short-term downward trend
Downward trending stochastic.
the only thing technically that seems to hold the price is the 200 SMA (green above)
ICLN has been following S&P For the past year... yet after a fantastic Q1 surprise the stock has been retracing to it's 8.75 support level.. which has now bounced.
Earnings have consistently beaten the estimates.
Note the exact same pattern in November 2017..with the same support level and the same relation to S&P.
Looking like a strong inflection point.
Tesla is riding down a one month steep resistance into earnings...having failed to break out of a one year down trend resistance.
currently the 50 & 100 MA hourly are nearly touching and pinching the price.
Waiting to set direction. Whether it breaks up or down I'm expecting a strong continuation in the same direction...
VUZI has recently broken out of it's down trend and now sets a solid hammer with rising volume at a historic resistance point.
Bull Case: Participation in an emerging industry.. as well as it's position above the 50 and 200 moving average and bullish hammer after a prior days break past resistance make me bias to an up-side continuation...
Bear Case:...
