Tesla Reverses Course But Signals The Local Bottom May Be In: The Bull, Bear Case For The EV Giant
Portfolio Pulse from Melanie Schaffer
Tesla, Inc (NASDAQ:TSLA) saw a slight fall on Friday, testing the 50-day simple moving average (SMA) as support after ARK Invest sold $15.94 million worth of the stock. The EV-giant's move lower confirmed the stock’s downtrend remains intact, with the formation of another lower low. However, Tesla was working to print a hammer candlestick on the daily chart, which can indicate a reversal to the upside on the horizon.
September 22, 2023 | 4:37 pm
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Tesla's stock fell slightly but a hammer candlestick on the daily chart may indicate a potential reversal to the upside.
Tesla's stock fell slightly after ARK Invest sold a significant amount of the stock. However, the formation of a hammer candlestick on the daily chart, which can indicate a reversal to the upside, suggests that the stock's downtrend may be nearing its end. This could potentially lead to a bounce higher in the short term.
CONFIDENCE 80
IMPORTANCE 75
RELEVANCE 100