Tesla: The rally continues
In my latest articles, I pointed out the attractive technical situation of Tesla shares and the possible risks. After the downward slide of the last few months, the share showed the first signs of a possible turnaround.
The breakout to the top was the signal.
Even if it was a few weeks later than I expected, the pivot low of March was not left on the downside and that is very important. The renewed approach towards the $ 720 mark was ultimately the signal for the bulls.
The breakout came with a lot of momentum and catapulted prices up a whopping 10 percent within two days. Now the broken level becomes an important resistance on the chart.
The trend has made the transition from a neutral to a bullish buying phase. The likelihood that the rally will continue from here is quite high. Nevertheless, investors must always be aware of possible counter-effects.
A closing price below the $ 700 mark would be far from helpful. As long as the prices can stay above this level, a possible target of up to $ 1000 remains within the realm of the possible.
I wish you good luck with your financial decisions and a nice week!
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