TSLA, 1D Long

ELON HEADS INTO ISOLATION, AND TESLA BULLS GO LONG Tesla is back to it’s all time high, after almost 3 months of consolidation within the rising channel. Tesla has been somewhat of a laggard over the last week, with much of the market experiencing significant boosts on the back of vaccine news. In recent days there has been a lot of momentum with news about autonomous car safety reviews, and GM & Honda making significant commitments in this sector into the future. For anyone already in a trade, this is a great position to hold and continue to let the market move. Anyone who entered prior to the announcement of the stock split; it now comfortably in a profitable position – with their breakeven point more than 3 deviations below the middle of the channel. If you are aggressive, a break of the All-Time-High could signify an opportunity to slightly increase position size – but I wouldn’t be interested in going too heavy right now. From a technical perspective, the RSI has nicely recovered and has plenty of upside headroom, and volume is creeping back up as well.

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