Technical Case For Long-Term Bottom In Tesla:
One of the most widely followed stocks on the planet is TSLA. Its CEO garners the spotlight and that is just growing with his recent purchase of TWTR. But his main vehicle came under intense pressure with his stock sales to partially cover the expense. The stock has doubled in a very short period of time between the very round 100-200 figures, with the latter being a headwind on 11/15 and 12/1 (on 10/24 it was brief support). But the MONTHLY chart below shows for very long-term investors that the recent low may have been significant. For one the volume sticks out at nearly 4 million shares this January, its largest MONTHLY volume since September 2020, and give it credit for CLOSING just off highs on its bullish piercing line candle. There are plenty of other factors to consider with competition increasing seemingly every year, but just technically speaking how it found support at the 40 RSI area, just like it did at a prior low in 2019, and its quick recapture of its 50-day SMA, which is just the second time it has ever happened, make for a solid future outlook for the name. Below 160 the thesis would be negated.