Tesla Stock Attempts To Lift Market.
Tesla is now trading in a confirmed uptrend, with the most recent higher high printed on Monday, which was above the Feb. 1 high of $943.70. The most recent higher low falls at the $882 mark, and Tesla will need to stay above the level to avoid negating the trend.
On Monday, Tesla looked to be printing a shooting star candlestick on the daily chart, which indicates the high low could come on Tuesday. If it does, traders can then watch to see if Tesla shoots up to print another higher high later this week.
Tesla is trading above the eight-day exponential moving average (EMA) but below the 21-day, which indicates a period of indecision is in effect. If the stock is able to print a higher high this week, it will regain the 21-day as support, which could eventually cause the eight-day EMA to cross above the 21-day, which would give bullish traders more confidence going forward.
* Bulls want to see big bullish volume come in and cause the stock to print a higher high and regain the 21-day EMA as support. There is resistance above at $945 and the $978.60 mark.
* Bears want to see big bearish volume break Tesla down to print a lower low, which will negate the uptrend. There is support below at $900.40 and $877.95.
On Monday, Tesla looked to be printing a shooting star candlestick on the daily chart, which indicates the high low could come on Tuesday. If it does, traders can then watch to see if Tesla shoots up to print another higher high later this week.
Tesla is trading above the eight-day exponential moving average (EMA) but below the 21-day, which indicates a period of indecision is in effect. If the stock is able to print a higher high this week, it will regain the 21-day as support, which could eventually cause the eight-day EMA to cross above the 21-day, which would give bullish traders more confidence going forward.
* Bulls want to see big bullish volume come in and cause the stock to print a higher high and regain the 21-day EMA as support. There is resistance above at $945 and the $978.60 mark.
* Bears want to see big bearish volume break Tesla down to print a lower low, which will negate the uptrend. There is support below at $900.40 and $877.95.
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