Stock of the day: Tesla

By Tomasz Wisniewski|

Published: June 07 2024, 07:24 GMT+0

Stock of the day: Tesla

Many Tesla traders must be feeling a pang of envy as they watch NVIDIA’s chart soar like a spaceship, while Tesla’s stock remains confined to a narrow sideways trend. This trend, evident since the end of April, has formed a symmetric triangle pattern on the chart, delineated by green lines. Such patterns typically indicate a period of consolidation before a significant move.

The symmetric triangle Tesla finds itself in is approaching its apex, suggesting that a decisive breakout is imminent. The direction of this breakout will be crucial for traders. A breakout to the upside would signal a buying opportunity, potentially leading to a robust upward trend. Conversely, a breakout to the downside would suggest a selling signal, possibly ushering in a bearish phase for Tesla.

Tesla’s performance, constrained within this triangle, stands in stark contrast to NVIDIA’s explosive growth. However, the end of this consolidation phase offers hope. As the triangle narrows, market participants eagerly await the breakout to provide a clear trading signal. Whether Tesla will follow NVIDIA’s lead with an upward surge or take a bearish turn remains to be seen. Traders should stay vigilant, ready to act on the breakout direction.



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