Tesla’s Hourly Chart Highlights a Key Level Yesterday

Tesla’s been a big name this week because of Battery Day. Behind all the excitement and letdown, some interesting things have happened technically – especially on the hourly chart.

Consider the price action around $380 on August 18-19. TSLA jumped to that level after the stock split was announced. (It was a new record high at the time, split adjusted.) For two full sessions the electric-car maker pushed and struggled before breaking out and continuing all the way toward $500.

Interestingly, buyers defended that that price area on Wednesday and Thursday of this week. There was even a failed breakdown yesterday, which got bought.

Turning to the daily chart, TSLA also bounced at its 50-day simple moving average (SMA). (But even then the 50-day SMA was about $20 below the $380 area.)

Finally, a triangle is starting to emerge on the daily chart. This could be the next big thing to watch. Based on the current action, it could indicate a bounce toward roughly $440.

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