Wednesday, March 1, 2017

Annual Trading Forecast for Tesla (2017)

Tesla stock (NASDAQ:TSLA) is in a strong uptrend; though price is currently experiencing a strong pullback. The pullback is not yet significant enough to override the recent bullish outlook on the market.

Price consolidated from September to December 2016, and then started to rise upwards. After the market went above the upper Trendline, it trended northwards nicely in January and February 2107, and began to pull back towards the end of that month.

Tesla is currently pulling back. However, that would be a good opportunity to buy long during sales, when the market is in a long-term uptrend. The pullback cannot be a threat to the uptrend unless price breaches the demand level at 220 to the downside.

Once price goes above the EMA 21, the uptrend would have resumed in earnest.

Azeez Mustapha

Market Analyst, Trading Signals Provider and Coach

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