Recent Quotes View Full List My Watchlist Create Watchlist Indicators DJI Nasdaq Composite SPX Gold Crude Oil EL&P Market Index Markets Stocks ETFs Tools Overview News Currencies International Treasuries Is Tesla Setting Up for a Big Move? By: StockNews.com September 01, 2021 at 05:32 AM EDT An up-channel chart pattern has formed in the chart of Tesla, Inc. (TSLA). If the stock breaks through the channel resistance, a breakout could occur. Read more to learn how to take advantage of this trading opportunity.Tesla, Inc. (TSLA) is a vertically integrated sustainable energy company that also aims to transition the world to electric mobility by making electric vehicles. The company also sells solar panels and solar roofs for energy generation plus batteries for stationary storage for residential and commercial properties including utilities.In the second quarter, TSLA’s quarterly profits hit $1 billion for the first time. Driven by strong demand for both the Model 3 and Y, the company achieved record production and deliveries. Plus, the construction of its Berlin and Texas gigafactories is on track.The company had $16.2 billion in cash on hand at the end of the most recent quarter. This compares favorably to short-term debt of only $1.1 billion. Earnings were up 232.6% year over year and analysts expect earnings to rise 81.6% year over year in the current quarter.The stock appears overvalued with a trailing P/E of 381.2 and a forward P/E of 149.25. TSLA’s stock has shown bullish momentum since mid-May as shown in the chart below.Take a look at the 6-month chart of TSLA below with my added notations: Chart of TSLA provided by TradingViewTSLA has formed an up-channel chart pattern over the past few months. A channel is formed through the combination of a trend line support that runs parallel to a trend line resistance. When it comes to channels, any (3) points can start the pattern, but a 4th test or more helps to confirm it.Click Here to Read the Greatest Trading Book Ever WrittenA long opportunity could be entered on a breakout above the channel resistance. A short trade could be entered if TSLA were to break below the channel support.Want to Discover More Great Trades?What is better than finding the 1 attractive stock in this article?Discovering 5 timely trades...like the ones in this new special report. Click below to claim your free copy now!5 Stocks Ready to BREAKOUT!TSLA shares fell $1.59 (-0.22%) in premarket trading Wednesday. Year-to-date, TSLA has gained 4.07%, versus a 21.96% rise in the benchmark S&P 500 index during the same period.About the Author: Christian TharpI am an expert stock market coach having helped over 4000 beginner and advanced traders & investors from around the world take control of their financial futures. I also write stock market related articles for the Adam Mesh Trading Group and Yolo Publishing.More...The post Is Tesla Setting Up for a Big Move? appeared first on StockNews.com Data & News supplied by www.cloudquote.io Stock quotes supplied by Barchart Quotes delayed at least 20 minutes. By accessing this page, you agree to the following Privacy Policy and Terms and Conditions.
Is Tesla Setting Up for a Big Move? By: StockNews.com September 01, 2021 at 05:32 AM EDT An up-channel chart pattern has formed in the chart of Tesla, Inc. (TSLA). If the stock breaks through the channel resistance, a breakout could occur. Read more to learn how to take advantage of this trading opportunity.Tesla, Inc. (TSLA) is a vertically integrated sustainable energy company that also aims to transition the world to electric mobility by making electric vehicles. The company also sells solar panels and solar roofs for energy generation plus batteries for stationary storage for residential and commercial properties including utilities.In the second quarter, TSLA’s quarterly profits hit $1 billion for the first time. Driven by strong demand for both the Model 3 and Y, the company achieved record production and deliveries. Plus, the construction of its Berlin and Texas gigafactories is on track.The company had $16.2 billion in cash on hand at the end of the most recent quarter. This compares favorably to short-term debt of only $1.1 billion. Earnings were up 232.6% year over year and analysts expect earnings to rise 81.6% year over year in the current quarter.The stock appears overvalued with a trailing P/E of 381.2 and a forward P/E of 149.25. TSLA’s stock has shown bullish momentum since mid-May as shown in the chart below.Take a look at the 6-month chart of TSLA below with my added notations: Chart of TSLA provided by TradingViewTSLA has formed an up-channel chart pattern over the past few months. A channel is formed through the combination of a trend line support that runs parallel to a trend line resistance. When it comes to channels, any (3) points can start the pattern, but a 4th test or more helps to confirm it.Click Here to Read the Greatest Trading Book Ever WrittenA long opportunity could be entered on a breakout above the channel resistance. A short trade could be entered if TSLA were to break below the channel support.Want to Discover More Great Trades?What is better than finding the 1 attractive stock in this article?Discovering 5 timely trades...like the ones in this new special report. Click below to claim your free copy now!5 Stocks Ready to BREAKOUT!TSLA shares fell $1.59 (-0.22%) in premarket trading Wednesday. Year-to-date, TSLA has gained 4.07%, versus a 21.96% rise in the benchmark S&P 500 index during the same period.About the Author: Christian TharpI am an expert stock market coach having helped over 4000 beginner and advanced traders & investors from around the world take control of their financial futures. I also write stock market related articles for the Adam Mesh Trading Group and Yolo Publishing.More...The post Is Tesla Setting Up for a Big Move? appeared first on StockNews.com