This week, our focus is on Tesla. On March 27th, we published a bullish article on Tesla. Although our timing was slightly off as Tesla’s price dropped further after our article, the stock eventually broke out of the wedge formation we highlighted.
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Following the breakout, Tesla traded sideways before experiencing a significant upward movement in the past few weeks, as shown on the chart.
Currently, Tesla is encountering resistance around $270, formed by two converging trendlines. We anticipate a pullback into the $220-$230 range, where a support trendline (dashed orange line on the chart) is located. This pullback could offer a prime opportunity to accumulate Tesla shares if the prices hold. It’s crucial for subscribers to follow our risk management measures provided with all our services to protect against potential losses if support zones break. Stay tuned for updates and guidance on navigating Tesla’s market movements.
The world of finance is complex and includes many technical terms. For explanations of these terms, I recommend using the Investopedia dictionary.
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