On March 13, 2023, Tesla stock (TSLA) hit an intra day low of $163.91, just below the 50 Simple Moving Average (SMA). Over the next 5 trading days, TSLA trade in a rage from $176 to $186. Today, the stock gapped up and closed at 197.58, just above the 21 SMA (Green Line). Technically, I see TSLA going to the next support level at $206.89. If the stock continues from there and reach the $217 level, the Head and Shoulders pattern will be complete.
At that level, more importantly, the 200 SMA will be surpassed. This is a major indicator used by institutional traders. If this happens, there could be even more buyers coming in, driving the stock even higher.
Let's see how the few weeks of trading unfolds to determine if my upside prediction comes true.
Thanks,
Mike
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