After getting mired in Elon Musk’s Twitter bid and fighting downward pressure of the broader market, Tesla is flashing some powerful indicators that show it could push back to recent highs.
Any one indicator warrant attention but it takes more to make a trade truly attractive. Tesla took more than it’s share of a beating as traders wondered how Musk’s Twitter deal would effect the EV giant. Now the chart is starting to show that it may be ready to regain some lost ground. Take a look:
On the chart above we can see that TSLA has found support at the 50 day moving average and not only pushed above the 10 day, but also moved above the 200 and is building support for an additional climb. It is also poised to break above a recent double top.
Those are pretty solid signs of a strong, tradable trend but add to that the crossing of the MACD at the bottom of the chart. Getting multiple confirmations like this provides a great opportunity to apply an approach that Andy Chambers and his readers have had great success with. When he spots this kind of set up he then adds another component to the mix that gives the trade multiple chances to play out as expected. If you haven’t looked at it yet, check out his Market Propulsion guide that lays it all out and shows how it can be easy to learn this method that he created for regular working people who are looking to grab potential income from the markets. Click here for details.
Keep learning and trade wisely,
Market Wealth Daily