Tesla Might Need to Recharge its Batteries
Tesla just enjoyed a historic run, and now traders may think the EV giant is running out of juice.
The first pattern on today’s chart is the price zone around $260, which could have a double importance. It’s near the high of last June and lows from late July and September. The price area also roughly corresponds to a 50 percent retracement of the entire selloff between November 2021 and January 2023.
Second, TSLA formed a bearish outside candle at the level yesterday – a potential reversal pattern.
This chart also includes two of TradeStation’s custom scripts. Price Streak in the first study shows how the stock just completed a record run of 13 straight positive sessions. Does it need a pause after that kind of move?
Distance From MA at the bottom shows TSLA peaked around 39 percent above its 50-day simple moving average (SMA). While not a record, it’s near the top of the range over the last two years.
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This content is for informational and educational purposes only. This is not a recommendation regarding any investment or investment strategy. Any opinions expressed herein are those of the author and do not represent the views or opinions of TradeStation or any of its affiliates.
Investing involves risks. Past performance, whether actual or indicated by historical tests of strategies, is no guarantee of future performance or success. There is a possibility that you may sustain a loss equal to or greater than your entire investment regardless of which asset class you trade (equities, options, futures, or digital assets); therefore, you should not invest or risk money that you cannot afford to lose. Before trading any asset class, first read the relevant risk disclosure statements on the Important Documents page, found here: https://www.tradestation.com/important-information.
The first pattern on today’s chart is the price zone around $260, which could have a double importance. It’s near the high of last June and lows from late July and September. The price area also roughly corresponds to a 50 percent retracement of the entire selloff between November 2021 and January 2023.
Second, TSLA formed a bearish outside candle at the level yesterday – a potential reversal pattern.
This chart also includes two of TradeStation’s custom scripts. Price Streak in the first study shows how the stock just completed a record run of 13 straight positive sessions. Does it need a pause after that kind of move?
Distance From MA at the bottom shows TSLA peaked around 39 percent above its 50-day simple moving average (SMA). While not a record, it’s near the top of the range over the last two years.
TradeStation has, for decades, advanced the trading industry, providing access to stocks, options, futures and cryptocurrencies. See our Overview for more.
Important Information
TradeStation Securities, Inc., TradeStation Crypto, Inc., and TradeStation Technologies, Inc. are each wholly owned subsidiaries of TradeStation Group, Inc., all operating, and providing products and services, under the TradeStation brand and trademark. TradeStation Crypto, Inc. offers to self-directed investors and traders cryptocurrency brokerage services. It is neither licensed with the SEC or the CFTC nor is it a Member of NFA. When applying for, or purchasing, accounts, subscriptions, products, and services, it is important that you know which company you will be dealing with. Please click here for further important information explaining what this means.
This content is for informational and educational purposes only. This is not a recommendation regarding any investment or investment strategy. Any opinions expressed herein are those of the author and do not represent the views or opinions of TradeStation or any of its affiliates.
Investing involves risks. Past performance, whether actual or indicated by historical tests of strategies, is no guarantee of future performance or success. There is a possibility that you may sustain a loss equal to or greater than your entire investment regardless of which asset class you trade (equities, options, futures, or digital assets); therefore, you should not invest or risk money that you cannot afford to lose. Before trading any asset class, first read the relevant risk disclosure statements on the Important Documents page, found here: https://www.tradestation.com/important-information.
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