The Weekly Chart on $TSLA has Plaid Potential. Here’s the level to watch! – July 29, 2021

by DAN TSLA 
This is Scott with your Chart of the Day. I know that Dan had been looking at Tesla ( NASDAQ: TSLA ) this week and we actually had a pretty good move today on the chart. If I zoom in here today you can see that we bumped up against this downward trending line and did it on a pretty good pickup in volume.

If I zoom out you can see that this trendline dates all the way back from the high in January. The stock has really just kind of been consolidating here since January. That’s 6 months of, essentially, sideways chop on Tesla ( NASDAQ: TSLA ).

Now, I don’t know if you saw the new model S Plaid but it looks sweet and it’s super fast. And I think this chart could also really get going if we break some pretty key weekly levels here. I will zoom in here again on the weekly chart. You can kind of see this 700.00 zone on the chart where we have resistance here, resistance here, and we are just kind of under resistance on the weekly chart right there.

If we get above and stay above the 700.00 level and are able to do it on higher than average volume I think this chart could potentially start a new weekly uptrend to the upside and maybe even retest that $900.00 high from up here back in January.

So I really want you to keep an eye on the Tesla ( NASDAQ: TSLA ) chart and maybe set an alert at around the 700.00 zone. You will want to see it get above and stay above and do it on volume. Now, this is of course pending that Amazon’s ( NASDAQ: AMZN ) earnings don’t crash the market, but we’ll see.

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