Tesla ($TSLA) is breaking through a key resistance level. Can it continue? Here’s your trade – February 8, 2023

by DAN TSLA 
I want to look at Tesla ( NASDAQ: TSLA ) and here’s why. The stock pushed up against 200.00 a couple of times here. Last Friday it almost got there at 199.00, the next day, not so much. The following day, which was yesterday, not so much. Finally, this thing broke through and it held, that’s important to know. It held 200.00 where it hasn’t before.

Meanwhile, if you just look at the intraday lows, they have generally been pretty much higher. Only on this day, where the stock actually closed down a bit, the next day you got an intraday low only because the stock gapped down. It was like a little continuation gap, and then immediately started running higher.

The point is, we can get these really, really narrow ranges as we have here. But it is important to say, Well, who is the more aggressive, the buyers or the sellers? It’s the buyers. So as long as you continue to see these higher intraday lows, this is a stock that you want to own. This isn’t a great time to buy the stock here, but I sure wouldn’t sell it. I would be eager to wait for any kind of consolidation and then take a bigger position.

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