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Today, Tuesday 02 July 2024, StockCharts365.com has taken a closer look at Tesla (ticker on Nasdaq: TSLA), and where very interesting technical signals have been triggered for the stock recently.


[02 July 2024]


Today, Tuesday 02 July 2024, StockCharts365.com has taken a closer look at Tesla (ticker on Nasdaq: TSLA), and where very interesting technical signals have been triggered for the stock recently.


 

First a little about Tesla (ticker on Nasdaq: TSLA)

Tesla, Inc. designs, develops, manufactures, sells and leases high-performance fully electric vehicles and energy generation and storage systems, and offers services related to its products.


The Company's segments include automotive, and energy generation and storage. The automotive segment includes the design, development, manufacturing, sales and leasing of high-performance fully electric vehicles, and sales of automotive regulatory credits. It also includes sales of used vehicles, non-warranty after-sales vehicle services, body shop and parts, paid supercharging, vehicle insurance and retail merchandise.


Its consumer vehicles include the Model 3, Y, S, X and Cybertruck. The energy generation and storage segment includes the design, manufacture, installation, sales and leasing of solar energy generation and energy storage products and related services and sales of solar energy systems incentives. Its lithium-ion battery energy storage products include Powerwall and Megapack.


For more information about the company visit their website here:



 

Technical Analysis of Tesla Inc. (Ticker at Nasdaq: TSLA)


Technical Analysis of Tesla Inc. (Ticker at Nasdaq: TSLA)


Tesla (TSLA) has now triggered a strong technical buy signal after breaking up from a large inverted head-shoulders formation.


The buy signal was triggered when the stock broke through the neckline of the formation, around USD 190.00.


The potential for the stock according to this large inverted head-shoulders formation is indicated to be up to around USD 270.00.


The potential of such inverted head-shoulders formations is found by taking the distance from the bottom that constitutes the 'head' in the formation up to the neckline, and then setting the corresponding height from where the breakout from the formation is triggered (cf. red dotted lines marked in the chart to illustrate this).


Incidentally, this coincides here for Tesla (TSLA) also well with both where there will be technical resistance up against the upper trend line in the new rising trend channel, and at previous peaks back in 2023.


The stock has also broken above both the 50-day and yesterday also above the 200-day moving average.


RSI and Stochastics are currently showing an overbought situation for the stock and it may need a little consolidation before further upside.


It is not unusual for a small correction down towards the neckline again before further upswing, after such breaks up from inverted head-shoulders formations.


The overall technical picture for Tesla (TSLA) is at least now very positive, and it indicates that the stock has a potential of up to around USD 270.00 within 1-3 months.


What could change the now very positive technical picture that the Tesla share shows would be if the share were to break down below a now important technical support level around USD 190.00.


 

NB! Remember to have read and understood the disclaimer.

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