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
Super Trading Strategies: Super Strategies
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