This week is options expiration week which has a mildly bullish flavor in the month of June. The following week is decidedly bearish. Friday, the 15th is likely a top. A two-week correction may follow, likely concentrated in the market leaders.
Tesla is highly ranked in the Cycles Research cycles/relative strength screen for the S&P. It is ranked seventh for seasonality. The shares have risen 77% of the time for an average gain of almost 10% over the last 13 Junes, the strongest month for this stock. The weekly graph reflects the seasonal strength. Price has broken out of a triangle to the upside. There are higher lows in both momentum and relative strength. The stock is likely to enter the $270-$300 area over the coming months.
TSLA Weekly Graph
TSLA Monthly Histogram
Read the full article here