Stock of the day: Tesla

By Tomasz Wisniewski|

Published: December 19 2023, 06:29 GMT+0

Stock of the day: Tesla

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Tesla’s recent encounter with a crucial dynamic resistance presents a captivating scenario for traders. The stock’s approach to the long-term downtrend line, depicted as a black line on the chart, has culminated in a notable event. The formation of a shooting star candlestick pattern, highlighted within an orange rectangle, adds a layer of intrigue to the stock’s performance. This pattern, particularly its emergence at a key resistance level, signals potential for a short-term selling opportunity.

The current market stance suggests that as long as Tesla’s price remains below this defined downtrend line, the bearish sentiment prevails, pointing towards a possible descent to the target marked by the blue line. Conversely, should the price convincingly breach and settle above the black line, it would alter the market dynamics, indicating a bullish shift and setting the stage for potential upward movement.

Source: https://www.axiory.com/analytics/stock-of-the-day/stock-of-the-day-tesla-10

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