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Tesla's Charts Are Resisting a Downside Break

·1 min read
Tesla's Charts Are Resisting a Downside Break
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The headline news lately on Tesla has been negative with reduced delivery figures and more, but the charts are telling me a different story today. In this daily bar chart of TSLA, below, we can see a developing chart pattern since the middle of May. Prices have moved sideways in a triangle-like pattern but it is only the shape and the indicators do not support this observation. Trading volume typically decreases in a triangle pattern (and other consolidations) as the trading range narrows and the opportunity to make money on the up and down swings narrows.