Tesla Holds Support as Relative Strength Turns Positive
After months of weakness, Tesla may be charged for another move to the upside.
Some interesting patterns have recently appeared on the electric-car maker’s chart.
First is the false breakdown below $550 on May 19. This was followed by a rebound back above the 200-day simple moving average (SMA). Interestingly, it was TSLA’s first test of the 200-day SMA since the dark days of March 2020.
Next, MACD turned positive yesterday following a month in the red.
Third, TSLA is starting to outperform the broader market. This chart shows our Smart Relative Strength indicator, comparing price action to the S&P 500 over the last 10 days. Notice how it just eked above zero yesterday.
The developments come at an interesting time for the ESG group in general. A court in Holland just ordered Royal Dutch Shell to reduce carbon emissions. Ford Motor also raised its electric-vehicle goals. EV stocks and solar energy have paused this year following big rallies in 2020, and now TSLA could be signaling a return to the industry.
TradeStation is a pioneer in the trading industry, providing access to stocks, options, futures and cryptocurrencies. See our Overview for more.
Some interesting patterns have recently appeared on the electric-car maker’s chart.
First is the false breakdown below $550 on May 19. This was followed by a rebound back above the 200-day simple moving average (SMA). Interestingly, it was TSLA’s first test of the 200-day SMA since the dark days of March 2020.
Next, MACD turned positive yesterday following a month in the red.
Third, TSLA is starting to outperform the broader market. This chart shows our Smart Relative Strength indicator, comparing price action to the S&P 500 over the last 10 days. Notice how it just eked above zero yesterday.
The developments come at an interesting time for the ESG group in general. A court in Holland just ordered Royal Dutch Shell to reduce carbon emissions. Ford Motor also raised its electric-vehicle goals. EV stocks and solar energy have paused this year following big rallies in 2020, and now TSLA could be signaling a return to the industry.
TradeStation is a pioneer in the trading industry, providing access to stocks, options, futures and cryptocurrencies. See our Overview for more.
관련 발행물
면책사항
이 정보와 게시물은 TradingView에서 제공하거나 보증하는 금융, 투자, 거래 또는 기타 유형의 조언이나 권고 사항을 의미하거나 구성하지 않습니다. 자세한 내용은 이용 약관을 참고하세요.