Today's Chart of the Day was shared on Twitter by Scott Elliott (@Scelliott81). It's a weekly candlestick chart of Tesla ($TSLA) testing a key level around $250. As you can see this level acted as support several times in the past before breaking down in April. After breaking the $250 level, the stock fell to a low of $177 on June 3rd. Since then, shares have rallied 43% back to the scene of the crime. Scott alludes to a classic concept in Technical Analysis known as the principal of polarity, where former support tends to act as resistance.
Chart of the Day - Thursday, July 18th, 2019
July 18, 2019
