Shares of Tesla (TSLA) have weakened a little in recent days, but the longer-term uptrend remains intact. Let's charge up some charts.
In this daily bar chart of TSLA, below, we can see some near-term price weakness that could soon become a retest of the rising 50-day and 200-day moving averages. Trading volume has been declining since early March and the On-Balance-Volume (OBV) line has had a slight downward slant since rolling over in January or February.
The Moving Average Convergence Divergence (MACD) oscillator has narrowed and could soon cross to the downside for a take-profit sell signal.
In this weekly Japanese candlestick chart of TSLA, below, we can see that prices have been trading around the rising 40-week moving average line for several weeks now. The weekly OBV line has been flat to slightly lower all year and the MACD oscillator has narrowed and could cross to the upside if prices strengthen.
In this daily Point and Figure chart of TSLA, below, we can see a downside price target in the $637 area.
In this weekly close only Point and Figure chart of TSLA, below, we can see a price target in the $955 area.
Bottom line strategy: 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.
