Elon Musk's Tesla Stock Breaks Through Bellwether Resistance: The Bull, Bear Case
Portfolio Pulse from Melanie Schaffer
Tesla's stock (TSLA) regained the 200-day simple moving average (SMA) on Tuesday, indicating a potential new bull cycle. The stock may have also printed a bull flag pattern near the 200-day SMA, suggesting Tesla could rise toward the $229 level. However, a pullback is likely as Tesla's relative strength index (RSI) has reached about 73%.
June 02, 2023 | 3:00 pm
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Tesla's stock regained the 200-day SMA, indicating a potential new bull cycle. The stock may rise toward the $229 level, but a pullback is likely due to high RSI.
Tesla's stock regaining the 200-day SMA indicates a potential new bull cycle, which is a positive sign for investors. The bull flag pattern suggests a rise towards the $229 level, which would be a significant increase in the stock price. However, the high RSI indicates that the stock may be overbought, which could lead to a pullback in the short term. Overall, the news is positive for Tesla's stock, but investors should be cautious of a potential pullback.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 100