Today’s Chart of the Day was shared on Twitter by Doug Busch (@chartsmarter). It's a daily candlestick chart of Tesla ($TSLA) over the past six months. Tesla closed at an all-time high of $949.92 today. Doug points out that the stock has formed a bullish ascending triangle pattern, with horizontal resistance around ~$950. Price failed at this level twice in February, but as Doug points out, "triple tops" aren't very common. Using the height of the triangle and adding it to the breakout level gets you a measured move price target around $1,600. This could be the start of another leg higher for Tesla if price can break out, and hold above that key $950 level in the near-term.
Chart of the Day - Monday, June 8th, 2020
June 8, 2020
