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Trends & Analysis
News

Week Ahead Preview: 22nd of April

News

P&G shares rise despite Q3 sales miss

News

Gold continues to shine amid geopolitical worries

News

Crude oil dips for 3rd session after supply data

News

Is there an AI upside for AMD?

News

GBP/USD recovers following wage report

Asset Watch

Will Tesla accelerate in the weeks ahead?

 

Tuesday, July 18, 2023

Tesla presented Optimus, its humanoid robot, at its New York City store in early July, and not only was the AI innovation a marketing victory, but it helped provide a glimpse of Tesla’s progress with robotics. With Tesla reporting earnings on Jul. 19, could the ceremony have been a victory lap ahead of the fundamental print?
If so, the stock could accelerate in the weeks ahead, as it demonstrates similar characteristics to the bullish frenzies that occurred in late 2020 and 2021.
Tesla enjoyed a near vertical ascent in late 2020 and its 5-week moving average acted as support the whole way up. A similar move unfolded in late 2021, with only a small dip below the 5-week MA occurring before another blow-off top materialised.

The largest green candles surfaced near the end of the rallies, as Tesla soared by nearly 25% in the final week before the 2020 peak, and by more than 22% in the second final week in 2021. And as Tesla bounces off its 5-week MA last week, while the level has acted as reliable support since mid-May, outsized green candles could be on the horizon.

Finally, though Tesla’s weekly RSI stands at 70, the price peaks mentioned above occurred with readings north of 83. Therefore, traditional overbought conditions don’t apply to the EV giant.

So, could Tesla generate a summer surge, or are we closer to the top than the bottom?


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