Tesla (TSLA) is a widely followed stock. One could say it has a cult following. Even I have contemporaries who hang on every word of Elon Musk and consider him a visionary. This kind of passionate following can send a stock on wild swings, both up and down.
Below we have a weekly Japanese candlestick chart of TSLA. Prices have made nine record highs from the March low and now we can see a bearish or red candle pattern last week. This week the pattern looks like a possible spinning top with a relatively small real body.
The pattern of last week and this week could be considered a harmai formation or kind of like an inside week if this was a bar chart. Prices are extended above the rising 40-week moving average line especially when you compare it to February.
The weekly OBV line looks like it is leveling off so far this month. The slow stochastic indicator shows a turn lower from overbought territory.
Bottom line strategy: In this long-running bull market we could see the price of TSLA go much higher, however, at this juncture in time I would give consideration to some profit taking and/or raising stop protection.