Elon Musk-Led Tesla Stock Trades In Overbought Territory: The Bull, Bear Case
Portfolio Pulse from Melanie Schaffer
Tesla's stock (TSLA) rose over 4% on Friday, but formed a reversal candlestick, indicating lower prices may be on the horizon. The stock has been in an uptrend since April 27, but its relative strength index suggests a retracement is imminent.
June 12, 2023 | 12:35 pm
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Tesla's stock (TSLA) formed a reversal candlestick, suggesting lower prices may be on the horizon. The stock has been in an uptrend since April 27, but its relative strength index indicates a retracement is likely.
The reversal candlestick formed on Friday suggests that Tesla's stock may experience lower prices in the short term. Additionally, the stock's relative strength index is in overbought territory on most significant time frames, indicating that a retracement is likely. This combination of factors suggests a negative short-term impact on Tesla's stock price.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 100