Tesla Motors marked a series of 7 consecutive higher highs. The main trend remains up. Price above the 14 days SMA. Buying opportunity above 258.77.
Yesterday trading session Tesla Motors close was at 257.2 (-3.10%). Marked a series of 7 consecutive higher highs. The main trend is up on the daily chart, the bulls are in control. The positive value of many leading oscillators indicates infact an upward trend.
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Simple Moving Average (SMA)
The price is above the 14 days moving average (SMA value is 238.24). The short term view is therefore bullish, however for today trading session we can’t exclude retracements towards the most significant support levels.
Daily chart shows volume is lower than the previous day. This could be a sign of a significant move to come.
Support and Resistance levels
7, 15 and 30 trading days Performance. Support, Resistance and Pivot Point levels. Last updated closing price: 07/04/2016.
Performance: 7 trading days= +13.36% – 15 trading days= +13.61% – 30 trading days= +37.22%
Resistance levels: R1= 266.19 – R2= 275.18 – R3= 290.01
Pivot Point: 260.35
Support levels: S1= 251.36 – S2= 245.52 – S3= 230.69
Buying opportunity above 258.77, targets minor resistance at 261.96 and perhaps as far as strong resistance at 264.20, where sellers could regain control. Above that level it could trigger an acceleration to the upside with the next target at 269.62.
Selling opportunity below 256.56, targets minor support at 253.39 and perhaps as far as strong support at 251.13, where buyers could get back into the market. Below that level we could expect a bearish downward movement with the next target at 245.60.