Tesla (TSLA) could accelerate higher.
As we noted the other day, “After gapping from about $240 to $191,25, the EV stock is starting to pivot higher. It’s also over-extended on RSI, MACD, and Williams’ %R. From its current price of $218.51, we’d like to see it refill its bearish gap around $240 initially. Better, if you pull up a two-year chart, you can see that every time RSI, MACD, and Williams’ %R get this oversold, the stock pivots higher shortly after, which is slowly starting to happen now.”
We also believe TSLA could soon refill its bearish gap around $250, near term.
Also, as noted by a Seeking Alpha article, “The recent dip in Tesla’s stock is mainly due to a weakening gross margin profile, but this is a temporary issue that can be resolved with scale.”