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Chart of the Day: Tesla Could Be Accelerating

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Tesla skidded lower after its last earnings report on July 19, but now the EV giant could be turning a corner.

The first pattern on today’s chart is the dive toward $212 on August 18. It was the lowest level in more than two months, but TSLA gapped back to the upside a day later. The result is a potential “abandoned baby” candlestick.

Second …

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
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.

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