Chart of the Day - Wednesday, June 26, 2024

🏆 Today’s Chart of the Day was shared by Scott Brown (@scottscharts).

• Several sleeping giants within the Magnificent 7 have woken up recently, including $TSLA, $AMZN, $AAPL, and $GOOG.

• Tesla ($TSLA) is leading the Mag 7 this week despite being the clear laggard this year. It’s down -21% year-to-date, while the other Mag 7 stocks are up double or triple digits.

• Scott points out that $TSLA has spent the entire year building an Inverted Head & Shoulders pattern. The neckline of this bullish pattern is roughly around $200. The trend is still sideways at best, but if $TSLA reclaims $200, the next major resistance level is +30% higher, around $260.

The takeaway: Other Mega-Caps are breaking out, while $NVDA takes a well-deserved break. Even the notorious laggard within the group ($TSLA) has carved out a potential bottom.