Bullish Triangle in Tesla, with EMA Cross
Tesla has been languishing for most of 2021, but now there are some positives for the bulls.
Perhaps most important: The 8-day exponential moving average (EMA) closed above the 21-day EMA on Monday for the first time since April 30. The widely followed short-term trend signal is now potentially bullish.
Second, an ascending triangle has formed since May 19. The top is around $630, so a decisive break through that resistance could draw buyers from the sidelines.
Third, the current price action has occurred neatly along the 200-day simple moving average (SMA). TSLA has remained above that line since its rally began in October 2019.
Finally, MACD has been revving higher for more than three weeks. That also suggests momentum is shifting toward the bullish camp.
TradeStation is a pioneer in the trading industry, providing access to stocks, options, futures and cryptocurrencies. See our Overview for more.
Perhaps most important: The 8-day exponential moving average (EMA) closed above the 21-day EMA on Monday for the first time since April 30. The widely followed short-term trend signal is now potentially bullish.
Second, an ascending triangle has formed since May 19. The top is around $630, so a decisive break through that resistance could draw buyers from the sidelines.
Third, the current price action has occurred neatly along the 200-day simple moving average (SMA). TSLA has remained above that line since its rally began in October 2019.
Finally, MACD has been revving higher for more than three weeks. That also suggests momentum is shifting toward the bullish camp.
TradeStation is a pioneer in the trading industry, providing access to stocks, options, futures and cryptocurrencies. See our Overview for more.
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