Here we can see $TSLA has completed a five and a half year-long consolidation forming a rectangle pattern. Looking closer, we can see a previous, smaller rectangle forming over the course of almost three years with a breakout in April '17 to new all time highs around price $387. There was a false breakdown of this smaller rectangle occurring around Q1 2016, but price reclaimed support and continued its consolidation.
Having completed the breakout of this chart pattern, I look for $TSLA to keep climbing to new all time highs; targeting price: $596.50
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Having completed the breakout of this chart pattern, I look for $TSLA to keep climbing to new all time highs; targeting price: $596.50
If you found this idea to be informational or helpful, consider leaving a like or comment!
Cheers
Trade active:
It seems that NOW people are talking about the electric car company, Tesla ($TSLA), and the price of their stock. I was talking about their stock price being at this point weeks ago. Price is still climbing towards my target. Today it was just $2 short of reaching the target, but do not fear. I feel $TSLA has a lot of momentum moving forward and we should easily reach this target over the next few days/weeks.