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Asset Watch
Tuesday, July 18, 2023
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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