TESLA starting an aggressive bullish reversal to $380.

15 Agu

Since July and the bullish break-out above the ATH Lower Highs trend-line, Tesla (TSLA) confirmed the transition to a new long-term bullish pattern. For the time being, that is a Channel Up.

The recent pull-back is part of the wider market correction of the past 3 weeks but last week's green 1W candle, is evidence that the price has found a bottom. In fact this is a Higher Low on the new Bullish Leg similar to the previous one on the week of April 24 2023.

That was the first Bullish Leg since the 2022 Inflation Crisis bottom and the symmetry is evident even on the 1W MACD, which is showing a squeeze, similar to April - May 2023. As long as this doesn't cross, we expect the market to stabilize in August and start rallying aggressively as early as September.

An earlier break above the 1W MA200 (orange trend-line) again, would confirm that, as it is acting as a long-term Pivot. Since the previous Bullish Leg peaked at +194.87%, we see no reason to expect otherwise, thus keeping our long-term Target on Tesla at $380.00, which would not only be a +194.87% rise but also reach just below the April 05 2022 High.

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