Tesla has been on a roll lately, rising sharply as other high-quality growth names are being chomped by the jaws of a bear market. With all the drama and turmoil surrounding this company, it’s surprising to see that this stock is up about 10% YTD. Tesla has had some wicked moves, though, and no doubt there will be more to come.
The chart currently looks quite constructive. A bullish W-pattern is in place; you can see that the right side of the base is carved out nicely. Volume levels have improved and are on the bullish side, the MACD is on a buy signal and relative strength is super impressive.
This name could be headed towards another rollercoaster ride, so look for a pullback to the 200 ma (around 311). It would be a good buying chance.
