If there’s one stock i don’t mind seeing go crazy-high, it’s Tesla. The only reason is because one of my beloved children works there, and if TSLA does well, it will establish a firm financial foundation for years to come. Having said that, I think a 60% pop in a matter of weeks is pretty goofy, particularly since this morning’s explosive move is predicated on the fact that GM and Ford cars will be permitted to roll up to a Tesla supercharger, pop in an adapter, and juice their car up. Whoop-de-ding-dang-do.
From a charting perspective, I’ve said repeatedly on my tastylive show that TSLA could have an easy sweep from one Fibonacci pair to another, and that is precisely what is happening. I have tinted the zone of the “double pair”, whose peak is about $260. I’ve also pointed out, by way of those red circles, and series of lower highs that have been established, which are farther and farther apart in time.
Here is an even longer-term view in which I’ve tinted the overhead supply above the Fibonacci pair. In short, the approach of the major price gap at $262.47 marks, I believe, powerful resistance.
