Charts are beautiful as they can reveal much more information than most investors can imagine. Take for instance Tesla’s share price: nobody is talking about Tesla’s share price because it is not ‘hot’, neither bullish or bearish. However, astute investors know that Tesla’s current share is trading at critical levels.
The price chart of Tesla’s shares makes our point. However, as always, the trick is to create a sharp view of its chart. The weekly chart provides sufficient insights.
As seen on Tesla’s weekly chart, its share price is currently trading exactly at the same point as the summer of 2013. In other words, in the last 2.5 years, Tesla’s share price has basically gone nowhere. The hot air is out of the balloon, after Tesla rose tenfold between 2012 and 2014.
Tesla’s financials look quite ok. For its quarter ending June 30th, the company announced a positive EPS (earnings per share) as revenue truly exploded. The big issue with Tesla is the large increase in shares outstanding, which investors interpret as shareholder dilution, rightfully so by the way.
Unless Tesla’s stock breaches its long term support line at $185, we expect a strong bounce from here. If the company is able to avoid negative news, we expec an easy 20% upwards potential. With a positive outlook of the company we see its share price moving to its highs, at least 60% above today’s share price.
Astute investors are paying close attention how Tesla’s share price behaves around current levels.
Our NEW report: The Most Practical Investment Guide For The Mega Bull Market In Cryptocurrencies, Tokens, ICOs and Blockchain Stocks. It includes 20 practical and actionable investment tips. Get access now >>
Follow official Ethereum prices in real-time. Read daily Ethereum price news on www.ethereumprice.today >>