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

Highlights

TSLA dominated by bulls lifting the market higher throughout the day
TSLA rises to highest close since October 4th
TSLA closes higher for the 3rd day in a row
TSLA ends the day on a bullish note closing near the high of the day

Overview

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):

Daily technical analysis candlestick chart for Tesla Inc. (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.


Market Conditions for TSLA as at Oct 16, 2018

Loading Market Conditions for TSLA (Tesla Inc.)...
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