TSLA dominated by bulls lifting the market higher throughout the day
Tesla Inc. (TSLA) Technical Analysis Report for Oct 16, 2018 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, TSLA finished Tuesday at 276.59 gaining $17.00 (6.55%), significantly outperforming the Nasdaq 100 (2.94%). Today's close at 276.59 marks the highest recorded closing price since October 4th. The bulls were in full control today, moving the market higher throughout the whole session. 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 Oct 16, 2018):
Tuesday's trading range has been $15.14 (5.7%), that's slightly above the last trading month's daily average range of $13.13. Things look different on the weekly timeframe, where the market's trading range of the last week has been below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for TSLA.
One bullish candlestick pattern matches today's price action, the White Candle. The last time a White Candle showed up on October 9th, TSLA actually lost -2.25% on the following trading day.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
With prices trading close to this year's low at 244.59, downside momentum might speed up should the market break out to new lows for the year.