Tesla TSLA Breaks a Triangle to Travel Toward the Highs

Sep 14, 2017: 12:10 PM CST

If you’re a “Tesla Trader,” you’re likely excited about the recent breakout event!

Tesla TSLA shares broke a Symmetrical Triangle Trendline that set in motion a breakout buy opportunity as price now travels (likely) back toward the high – or above it.

Here’s the pattern and the resolution in motion:

Tesla TSLA Symmetrical Triangle

After a stellar collapse sent price from $380 toward $300, buyers stepped in to rally shares back toward the high.

However, a textbook Symmetrical Triangle pattern developed from July to September.

Last week we saw the initial breakout beyond the $350 boundary and this week gives us an extended run toward the prior high and possibly the $400 level and beyond (which would be suggested by the pattern itself).

Nevertheless, the uptrend continues and buyers regain control of the supply/demand relationship.

Frame your trades in terms of the movement toward and away from these key areas.

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Corey Rosenbloom, CMT

Afraid to Trade.com

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