Over the weekend, Bloomberg reported that Tesla Motors NASDAQ: TSLA may re-open its plant in Fremont, California this week.
The shelter-in-place order that covers Fremont is only set to be lifted on May 4. It is unclear under what authority Tesla has to re-open its plant before May 4.
This news helped Tesla stock (TSLA) rally during Monday’s session.
Let’s review our weekly analysis.
Tesla (TSLA) Chart
At askSlim we use technical analysis to evaluate price charts of stocks, futures, and ETF’s. We use a combination of cycle, trend and momentum chart studies, on multiple timeframes, to present a “sum of the evidence” directional outlook in time and price.
askSlim Technical Briefing:
The weekly cycle analysis suggests that TSLA is in a rising phase with positive weekly momentum. The next projected intermediate-term low is due in the middle-to-end of June.
On the upside, there is an intermediate-term resistance zone from 732.73 – 836.64. On the downside, there are rising intermediate-term supports from 627.48 – 521.22. For the bears to regain control of the intermediate-term, we would need to see a weekly close below 446.59.
askSlim Sum of the Evidence:
TSLA is in a bullish weekly cycle pattern but due to have a pullback into the middle-to-end of June. In a pullback, we would expect the stock to test the rising intermediate-term supports beginning at 627.
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Any opinions expressed herein are solely those of the author, and do not in any way represent the views or opinions of any other person or entity.
