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Market Insights

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Chart of the Day: Is Tesla Going into Reverse After a Sharp Rally?

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Tesla had a sharp rally in late March, but now there could be evidence of sellers taking the wheel.

The first major pattern on today’s chart is the trendline running along the peaks of November 4, January 4 and April 5. Each time prices have approached with a bang, only to reverse lower the next candle. The ovals highlight …

For more, please click here to view the related idea and chart analysis on TradingView.

Tesla (TSLA), daily chart with selected patterns and indicators, courtesy of TradingView.

About the author

David Russell is VP of Market Intelligence at TradeStation Group. Drawing on two decades of experience as a financial journalist and analyst, his background includes equities, emerging markets, fixed-income and derivatives. He previously worked at Bloomberg News, CNBC and E*TRADE Financial. Russell systematically reviews countless global financial headlines and indicators in search of broad tradable trends that present opportunities repeatedly over time. Customers can expect him to keep them apprised of sector leadership, relative strength and the big stories – especially those overlooked by other commentators. He’s also a big fan of generating leverage with options to limit capital at risk.