Tesla is in ascending triangle which has bias to break to the upside.
Good fundamentals and strong demand.
RSI is also in ascending triangle.
I expect the price to either retest the uptrend line or break the $460 mark and go for $500.
How to play this?
So either buy the break of $460 or set a long position at $415 for improved reward.
Tesla has made dark cloud cover pattern near the top of trend channel. RSI divergence is also appearing on daily chart.if breaks low of 2186 then we might see 2025 and lower levels. 1650 is the zone where market had made breakout. It will now acts as support for the consolidation. Break of yesterday's high will negate the bearish view.
channel drown in January, fib in October 2019... With the heavy demand in a new Tesla, NIO could be up for a gold rush if they manage record numbers in June (once again after May).
I consider NIO as the only real competitor to Tesla and take them more seriously since they have refocused their strategy last year.
Bonus: Opposite of that scam that is Nikola (NKLA)
This stock has been showing so much promise but there seems to be no impact on its ability to head higher . The last few weeks it has been attempting to tread to a new high only to meet with supplies. AFter forming a Type 2 negative divergence the prices are swiftly heading lower. Now with the breach of the support trendline we could be looking at some selling...