A Technical Approach to Tesla (TSLA)

In this post, I'll be going over Tesla's chart (TSLA) to discuss the technical aspect of the stock.

Disclaimer: This is not investment advice. This is for educational and entertainment purposes only. I am not responsible for the profits or loss generated from your investments. Trade and invest at your own risk.

Analysis
- To begin with, what's most important to understand is the fact that the overall uptrend for Tesla is still intact.
- The simple moving averages (SMAs) are all aligned in order, and the long term trend line, marked in green, is still valid.
- We are seeing a textbook descending wedge in play.
- The price has technically broken out of the pattern, and has retraced back to the support-turned-resistance, before it can form higher highs.
- I would like to see a break and close above the 60 Simple Moving Average, marked in orange, as a sign of bullish confirmation.
- Tesla's Artificial Intelligence (AI) Day will be taking place in Aug 19, which could serve as a stimulant for the bullish momentum.
- Based purely on the structure of the chart, a move up to $1,400 is a probable case.

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