TSLA: Next Target 450?

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Tesla’s (TSLA) meteoric rise from June this year has sent it to all-time highs, as shown on the following monthly chart…and has resulted in a 119.67% gain since then, as shown on the next graph. It’s been heavily favoured above the FAANGs.

Based on the trajectory of the Andrew’s Pitchfork formation, its next major resistance lies around the 450 level.

The Balance of Power lies firmly with buyers and is approaching an all-time high. Watch for that to continue on this longer-term timeframe to support a further rally.

On a shorter daily timeframe, as long as the RSIMACD and PMO technical indicators continue to rise, watch for further buying to, potentially, push the price to 450. However, as these indicators are approaching a retest of prior highs, we may see the buying slow or consolidate for awhile, before resuming a trek to that target.