June 8 Chart of the Day - Tesla
Have you heard about Tesla's (TSLA) stock price?
If you answered "of course I have" then you realize that after falling from its all time high of $414.50 (adjusted for stock splits) down below $110 when everyone was saying that Elon Musk might not really be that smart you also know that the electric vehicle (EV) maker has more than doubled since January 2023.
Elon's intelligence hasn't changed however with a new CEO Tesla has changed and the stock price has been enjoying significant gains over the past several weeks. Not always straight up like past years but making higher highs and higher lows the past six months or so.
So what if you missed the train and want to hop aboard the Tesla express /aka/ its stock or related options.
Well, we've identified some potential upside targets as well as pull back levels that could possibly provide some reasonable reward to risk returns.
Currently, after breaking out above the $216 level price seems to be aiming for $232-236 range before making a decision to continue upward or take a breather.
But, if price chooses to take a breather before that and provide a pull back opportunity to get long we see $216 area as one possibility. Think "break and retest" of an important level.
The higher time frame weekly chart provides a bird's eye view of historical price action with associated levels of interest in both directions.
While zooming down to the daily charts may provide actionable levels in both directions for the coming days/weeks.
So what's next?
Nobody knows for sure but using these 5 price action tools traders and investors can develop levels of interest in both directions.
- Support/Resistance
- Trend
- Fibonacci
- Supply/Demand Zones,
- Change Control Zones
Take a look at the charts and let us know what you think.
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