TSLA rallies, gaining $89.03 (7.95%) within a single day on high volume
Tesla Inc. (TSLA) Technical Analysis Report for Jul 02, 2020 | by Techniquant Editorial Team
Moving higher for the 4th day in a row, TSLA ended Thursday at 1208.66 surging $89.03 (7.95%) on high volume, significantly outperforming the Nasdaq 100 (0.61%) ahead of tomorrow's Independence Day OBS market holiday. This is the biggest single-day gain in over four months. The last time we've seen such an unusually strong single-day gain on Tuesday, TSLA gained 3.69% on the following trading day. Today's close at 1208.66 marks the highest recorded closing price ever. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Daily Candlestick Chart (TSLA as at Jul 02, 2020):
Thursday's trading range has been $42.40 (3.47%), that's slightly below the last trading month's daily average range of $44.39. Things look different on the weekly timeframe, where the market's trading range of the last week has been way above the market's average weekly trading range. The longer-term, monthly volatility is currently higher than usual for TSLA.
With another close above the upper Bollinger Band, prices are confirming their strong upward momentum in the short-term. A drop back into the Bollinger Band on the next trading day though could signal a potential change in momentum that might lead to a correction back down towards the center of the Bollinger Bands at 999.96.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the six market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "52 Week High" stand out. Its common bullish interpretation has been confirmed for Tesla. Out of 121 times, TSLA closed higher 53.72% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 63.64% with an average market move of 7.65%.