Over the weekend, Bloomberg reported that Tesla (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 4th. The stock rallied 8% mid-way through Monday’s session. Let’s review our weekly analysis.
Tesla (TSLA) – annotations by askSlim.com
At askSlim.com 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.com 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.com 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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