Technical Pulse: Tesla Inc November 4, 2020 354

Tesla Inc (US: TSLA) has been on a range since its final upside on Aug which sees the primary phase of wave ((3)) completed. Which to say, there is another potential upside as wave ((5)) is yet to be completed. Based on the technical, the final push to the upside may be here:

  1. Tesla has evolved into a corrective pennant formation which is also the continuation pattern for the impulse bullish wave ((3)) from a technical perspective.
  2. Candlestick formation indicate that the bullish harami forms on Monday has been confirmed by a gap up bullish marobozu candle. Which is a strong signification of a bullish upside.
  3. Tesla is right now testing the 50-day moving average, breaking it will see further upside.

 

*Timeline of the trade is 3 weeks from the date issued.

*Attached below is the summarise table for the rest of the key counters which have strong contending factor to the election

 

CHART LEGENDS

Moving Average

Red dotted line = 200-day moving average

Blue dotted line = 50-day moving average

 

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About the author

Profile photo of Chua Wei Ren

Chua Wei Ren
Technical Analyst
Phillip Securities Research Pte Ltd

Wei Ren specialises in Technical Analysis and has 9 years of experience in studying classic technical price action. He also study and research extensively on Elliott wave theory, Dow Theory and Supply & Demand strategies as he believes that history plays an important role in how the market is reflected in the future.

He graduated with a Bachelor of Economics and Finance from University of Murdoch.

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