Stock of the day: Tesla
02 July 2024
Today, let's discuss the exciting bullish setup unfolding on Tesla. Recently, Tesla has shown remarkable acceleration, making its holders optimistic once again. The stock has completed an inverse head and shoulders formation, which is already signaling a buy. This bullish signal comes as the price broke above the green neckline and continues to climb.
The target for this rise is the black downtrend line connecting highs from July 2020 and December 2023. The bullish sentiment remains strong as long as the price stays above the neckline. Although there's a chance the price could dip below the neckline, this scenario seems less likely given the current momentum. A breakout above the black downtrend line would further strengthen the buy signal, presenting an excellent long-term investment opportunity.