Here is a macro picture for Tesla on the weekly time frame.
Tesla broke out that descending channel that was trading in for months , retested forming a descending wedge that also broke up to the upside , and now and on its way up .
Long term positions with profits at 0.5 => 279, 0.618 => 302 , 0.786 => 335
Currently price is above the 21 ema -blue line- and 20 ema -white line - with the 21 ema being higher than the 20 ma
In most cases while 21 ema stays above the 20 ema price runs to the upside, when the opposite occurs price action tends to become less volatile and retests the 20 ema with possible change on trend .
Tesla broke out that descending channel that was trading in for months , retested forming a descending wedge that also broke up to the upside , and now and on its way up .
Long term positions with profits at 0.5 => 279, 0.618 => 302 , 0.786 => 335
Currently price is above the 21 ema -blue line- and 20 ema -white line - with the 21 ema being higher than the 20 ma
In most cases while 21 ema stays above the 20 ema price runs to the upside, when the opposite occurs price action tends to become less volatile and retests the 20 ema with possible change on trend .