Tesla (TSLA) has been climbing higher since they found good support around $550 in the middle of May. Prices are trading above the rising 50-day moving average line and above the rising 200-day moving average line.
In this daily bar chart of TSLA, below, we can see the price improvement.
The On-Balance-Volume (OBV) line shows improvement from June and the Moving Average Convergence Divergence (MACD) oscillator is bullish and pointed higher.
In this weekly Japanese candlestick chart of TSLA, below, we see an improving picture. Prices are in an uptrend and a series of white candles tells us that buyers are in charge.
The OBV line has been inching higher the past three months and the MACD oscillator is bullish.
In this daily Point and Figure chart of TSLA, below, we can see a projected upside price target in the $955 area.
Bottom line strategy: In our August 16 look at TSLA we wrote that "Traders with a low cost basis on TSLA should be OK, but traders with more recent purchases need to be cautious. Longer-term gains to the $955 area are possible." TSLA did not break its rising 200-day moving average line last month and the uptrend resumed. Continue to hold longs.
