Chart of the Day - Wednesday, June 23rd, 2021

Today’s Chart of the Day was shared by Jake Huska (@MarketPicker). It's a daily candlestick chart of Tesla, inc. ($TSLA) over the past seven months. Jake points out that Tesla is at a potential inflection point. The stock gapped up at the open this morning, broke above the 50-day moving average, and closed near the highs of the day. Price has been trending lower since January, but it's now attempting to break out from that five-month downtrend line. Tesla has become the poster child for the growth trade. It's the largest stock in the popular ARK Innovation ETF, $ARKK, and it's the second-largest stock in the Consumer Discretionary sector. After a multi-month correction within a long-term uptrend, could Tesla be poised for another leg higher?