Tesla just enjoyed a historic run, and now traders may think the EV giant is running out of juice.
The first pattern on today’s chart is the price zone around $260, which could have a double importance. It’s near the high of last June and lows from late July and September. The price area also roughly corresponds to a 50 percent retracement of the entire selloff between November 2021 and January 2023.
Second, TSLA formed a bearish outside candle at the level yesterday – a potential reversal pattern.
This chart also includes two of TradeStation’s custom scripts. Price Streak in the first study shows how the stock just completed a record run of 13 straight positive sessions. Does it need a pause after that kind of move?
Distance From MA at the bottom shows TSLA peaked around 39 percent above its 50-day simple moving average (SMA). While not a record, it’s near the top of the range over the last two years.
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