Tesla ended last year more than 800% higher. It’s one reason it’s been on everyone’s watchlist for 2021.
So far, the bulls have been disappointed as the stock has dropped nearly 40% from its all-time high price level.
However, some investors may start to position themselves early on before the 5 May earnings announcement which is likely to be quite volatile.
Source: Admirals MetaTrader 5, #TSLA, Weekly - Data range: from Feb 23, 2014, to Apr 8, 2021, performed on Apr 8, 2021, at 8:30 pm GMT. Please note: Past performance is not a reliable indicator of future results.
In the long-term weekly chart of Tesla’s share price shown above, the huge surge higher over the coronavirus pandemic period is clear to see.
Most stock markets around the world performed well during this period of time due to government stimulus plans designed to help companies and revive the economy.
Some of the hottest stocks last year have so far failed to continue their momentum. But that could change as we move into earnings seasons.
Source: Admirals MetaTrader 5, #TSLA, Daily - Data range: from Jul 15, 2020, to Apr 8, 2021, performed on Apr 8, 2021, at 8:30 pm GMT. Please note: Past performance is not a reliable indicator of future results.
The daily chart above shows a wedge formation between the two black support and resistance lines.
Price has tried to break through this wedge and is currently sitting above it. If buyers do manage to hold on above the resistance level, the price could try an attempt for the all-time high level at around $~887.00.
That would represent a near 25% move higher from current levels.
Did you know that you can use the Trading Central Technical Ideas Lookup indicator to find actionable trading ideas on thousands of other instruments across Forex, stocks, indices, commodities and more?
You can get this indicator completely FREE by upgrading your MetaTrader 5 trading platform provided by Admirals (formerly Admiral Markets) to the exclusive Supreme Edition! You’ll also receive a whole range of advanced trading tools such as correlation and sentiment indicators!
Start your free download by clicking on the banner below:
The Electric Vehicle Sector is Changing - Learn to Trade It
The electric vehicle (EV) sector is no longer limited to Tesla (TSLA) in the US anymore. There are also strong players in China. If you're interested in this dynamic sector, our webinar EV stocks - Who's hot? Who's not? shouldn't be missed. Watch it here:
INFORMATION ABOUT ANALYTICAL MATERIALS:
The given data provides additional information regarding all analysis, estimates, prognosis, forecasts, market reviews, weekly outlooks or other similar assessments or information (hereinafter “Analysis”) published on the websites of Admiral Markets investment firms operating under the Admiral Markets trademark (hereinafter “Admiral Markets”) Before making any investment decisions please pay close attention to the following:
- This is a marketing communication. The content is published for informative purposes only and is in no way to be construed as investment advice or recommendation. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research, and that it is not subject to any prohibition on dealing ahead of the dissemination of investment research.
- Any investment decision is made by each client alone whereas Admiral Markets shall not be responsible for any loss or damage arising from any such decision, whether or not based on the content.
- With view to protecting the interests of our clients and the objectivity of the Analysis, Admiral Markets has established relevant internal procedures for prevention and management of conflicts of interest.
- The Analysis is prepared by an independent analyst, Jitan Solanki (analyst), (hereinafter “Author”) based on their personal estimations.
- Whilst every reasonable effort is taken to ensure that all sources of the content are reliable and that all information is presented, as much as possible, in an understandable, timely, precise and complete manner, Admiral Markets does not guarantee the accuracy or completeness of any information contained within the Analysis.
- Any kind of past or modeled performance of financial instruments indicated within the content should not be construed as an express or implied promise, guarantee or implication by Admiral Markets for any future performance. The value of the financial instrument may both increase and decrease and the preservation of the asset value is not guaranteed.
- Leveraged products (including contracts for difference) are speculative in nature and may result in losses or profit. Before you start trading, please ensure that you fully understand the risks involved.