In our technical analysis of Tesla, we believe that the stock is currently moving within a triangle pattern—likely a bullish contracting triangle. Since reaching its all-time high of $413, Tesla has been in a sideways consolidation, forming this triangular structure. If this pattern plays out as anticipated, we should expect Tesla to break out to the upside after this consolidation phase.
The key levels to watch are the invalidation point at $138, which would suggest the bullish scenario is no longer in play. On the other hand, confirmation of the bullish triangle would occur once Tesla breaks above $264, indicating a significant move higher. Once this confirmation happens, we would expect Tesla to head towards new highs, continuing its upward trend.
Join Vital Direction to stay updated with our comprehensive market analyses and insights as we navigate these exciting developments in the financial markets.
Discover more from Vital Direction
Subscribe to get the latest posts sent to your email.