Tesla Stalls, Dramatically Lags Magnificent Seven Peers But Divergence Has Developed: A Technical Analysis
Portfolio Pulse from Melanie Schaffer
Tesla, Inc (TSLA) has been trading mostly flat, showing a significant lag compared to its peers, particularly NVIDIA Corporation (NVDA), which surged about 57% since the start of 2024. Tesla has fallen about 22% in the same period. Despite this, a technical analysis suggests a potential reversal for Tesla due to a triangle pattern and hidden bullish divergence on its chart. For traders looking to leverage Tesla's potential rebound, Direxion Daily TSLA Bull 1.5X Shares (TSLL) and Direxion Daily TSLA Bear 1X Shares (TSLS) offer leveraged and inverse investment options respectively.
February 23, 2024 | 5:36 pm
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NEGATIVE IMPACT
TSLS seeks daily investment results of 100% of the inverse performance of Tesla, catering to bearish traders.
If Tesla's stock fails to rebound and continues its downward trend, TSLS could benefit bearish traders by providing inverse exposure to Tesla's performance.
CONFIDENCE 70
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
Tesla's stock has been underperforming compared to its peers but shows signs of a potential rebound due to technical patterns.
Tesla's stock performance has been weak compared to its peers, particularly NVIDIA. However, the technical analysis indicating a triangle pattern and hidden bullish divergence suggests a potential for reversal and growth in the short term.
CONFIDENCE 75
IMPORTANCE 90
RELEVANCE 100
POSITIVE IMPACT
TSLL offers 150% daily leveraged investment results based on Tesla's performance, suitable for bullish traders expecting a Tesla rebound.
Given the potential for Tesla's stock to rebound as indicated by the technical analysis, TSLL could see increased interest from bullish traders looking to capitalize on Tesla's recovery.
CONFIDENCE 70
IMPORTANCE 70
RELEVANCE 80