Tesla : The Stock is moving in a Parallel Channel from lower parallel line to upper parallel line.

For completion of a parallel channel at least there should be three touches, here we have more than three so we can act on the parallel channel.
Recently the stock has tested the lower parallel line of the channel and has taken support and moved on either side, i.e. upside.

If we look at the correction it is 0.6180% fibonacci ratio of upside move. Closing of previous 2 candles is above 0.382% of fibonacci retracement, this suggests that the move can be trusted as the support is shifting at higher level. As per Fibonacci we should expect the move till 1.618% fibonacci ratio.

As per Parallel Channel our next target should be the upper parallel line of the channel.
Once the stock closes above the Parallel Channel we can move forward for the fibonacci target.

Rsi is making higher high higher low this is strengthening the move.
The Stock has closed above ichimoku cloud which is one of the good signals for buy.

Macd above14 would be a good entry point as well.

Advice : Buy @ Cmp

BUY

Jul 13 2021

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