TSLA rises to highest close since August 31st
Tesla Inc. (TSLA) Technical Analysis Report for Sep 14, 2018 | by Techniquant Editorial Team
TSLA ended the week 12.14% higher at 295.20 after gaining $5.74 (1.98%) today. Today's closing price of 295.20 marks the highest close since August 31st. Closing above Thursday's high at 295.00, the market confirms its breakout through the previous session's high having traded $2.32 above it intraday. Ending with a strong close near the high of the day sets a bullish note for the next session.
Daily Candlestick Chart (TSLA as at Sep 14, 2018):
Friday's trading range was $10.80 (3.74%), that's slightly below last trading month's daily average range of $11.57. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being way below average.
After trading as low as 286.52 during the day, the share bounced off the key support level at 288.20. The failure to close below the support might increase that levels importance as support going forward. After having been unable to move lower than 285.18 in the prior session, Tesla found buyers again around the same price level today at 286.52.
Although still in a long-term uptrend, the short and medium-term trends both turned bearish already.
As prices are trading close to September's high at 298.19, upside momentum could speed up should the stock mark new highs for the month.