Tesla TSLA Breaks a Triangle to Travel Toward the Highs
Thu, Sep 14, 1:21 PM ET, by Corey Rosenbloom
If you’re a “Tesla Trader,” you’re likely excited about the recent breakout event!
Tesla TSLA shares broke a Symmetrical Triangle Trendline that set in motion a breakout buy opportunity as price now travels (likely) back toward the high – or above it.
Here’s the pattern and the resolution in motion:
After a stellar collapse sent price from $380 toward $300, buyers stepped in to rally shares back toward the high.
However, a textbook Symmetrical Triangle pattern developed from July to September.
Last week we saw the initial breakout beyond the $350 boundary and this week gives us an extended run toward the prior high and possibly the $400 level and beyond (which would be suggested by the pattern itself).
Nevertheless, the uptrend continues and buyers regain control of the supply/demand relationship.
Frame your trades in terms of the movement toward and away from these key areas.
Follow along with members of the Afraid to Trade Premium Membership for real-time updates and additional trade planning.
Corey Rosenbloom, CMT
Afraid to Trade.com
Follow Corey on Twitter: http://twitter.com/afraidtotrade
Corey's book The Complete Trading Course (Wiley Finance) is now available along with the newly released Profiting from the Life Cycle of a Stock Trend presentation (also from Wiley).”
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