The next TSLA up-cycle is beginning, or so it appears, as a large reversal candlestick printed at support. Numerous “negative” articles are running amok, which should add contrarian fuel to the already overwhelming bearish sentiment.
Volume surged as price action moved away from the lower trend line in the chart below. TSLA shares are trading higher by 1% (+3.55) in the volatile pre-market session.
The Kirby opens up above 352.00 (+/-) so watch price action this morning, as MACD, STO and RSI are all cycling higher. TSLA shares could be in for a fast elevator ride back to previous highs. The company reports on October 25.
TSLA shares could be in for a fast elevator ride back to previous highs, as Elon will no doubt say something about the production of the Model 3 to counter the negative Nancy articles at NPR. The company reports on October 25.
Additional “suppliers” discussed in the July 3 post referenced above include Canadian based Magna International (MGA).
The company designs develops and manufactures automotive systems, assemblies, modules, and components in North America, Europe, Asia, and South America. Aside from the chassis, frame and auto body, this manufacturer fabricates nearly everything else.
Technically, the stock broke out of its base in late August. It now rides the bullish “SOTEMA“ which provides support on pullbacks, along with its path to higher prices.
Watch List – Flags
Most of the stocks on the watch list are flagging at highs, producing continuation patterns. Five Below looks like it’s ready to follow through today, so keep an eye on it. The stock is +5.00 above the breakout zone, but only +1.41 above the previous pivot high.
AA AEIS AABA BABA AMAT FCX YY is on the radar today, as all of them consolidate recent gains in bullish flag patterns. VALE (a new position) is trading higher in the pre-market session.
Gold is trading higher this morning.
Have a great day,