Tesla (TSLA) Daily Chart
Tesla (NASDAQ: TSLA) is amongst the individual stocks that moved significantly last week.
For the week, Tesla’s stock price rose 10% last week related in part to reports of robust vehicle deliveries leaked from a call with the company’s sales managers.
According to Fred Lampert of Electrek, “A source on the call said that Tesla has already delivered 2,512 cars in June in North America and they have already many more planned thanks to sales numbers being at the ‘highest they have ever been.”
Based on its market cycles, Tesla (TSLA) remains in a declining phase in its current intermediate market cycle.
The stock price broke its cycle low in April, which is the point at which it started the cycle. TSLA is now in the rising phase of its current minor cycle.
We expect this upside move to continue to a resistance zone between $222-250 before the downside pressure resumes.
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