Tesla has obviously had an amazing run. This morning it spiked as high as $2,129, more than 900 percent above its 52-week low one year ago.
But TSLA hasn’t held that level. Its high occurred in the first minute of trading, and prices quickly knifed under $1,940. That’s resulting in a large outside candle on the daily chart.
This is a potential reversal pattern – especially when it occurs at a big round number like $2,000. Happening early on a Monday is also a potential sign of capitulation buying from retail investors submitting market buy orders over the weekend.
TSLA’s stock split, which takes effect next Monday, August 31, is the big catalyst. While this can definitely be a positive for a high-flying technology name, the euphoria may be priced in after TSLA rose more than 50 percent on the news. (It was announced after the close on August 11.)
Today’s candle is similar to the July 13 failed breakout (also on a Monday). TSLA and several other big Nasdaq stocks drifted for a month after that session. Traders may want to start looking for a deeper pullback in TSLA, and not buy the dip too quickly if sellers take charge.
But TSLA hasn’t held that level. Its high occurred in the first minute of trading, and prices quickly knifed under $1,940. That’s resulting in a large outside candle on the daily chart.
This is a potential reversal pattern – especially when it occurs at a big round number like $2,000. Happening early on a Monday is also a potential sign of capitulation buying from retail investors submitting market buy orders over the weekend.
TSLA’s stock split, which takes effect next Monday, August 31, is the big catalyst. While this can definitely be a positive for a high-flying technology name, the euphoria may be priced in after TSLA rose more than 50 percent on the news. (It was announced after the close on August 11.)
Today’s candle is similar to the July 13 failed breakout (also on a Monday). TSLA and several other big Nasdaq stocks drifted for a month after that session. Traders may want to start looking for a deeper pullback in TSLA, and not buy the dip too quickly if sellers take charge.
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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.