TESLA CLEARS ITS 50-DAY AVERAGE AND MAY BE BOTTOMING

John Murphy
by John Murphy,
Pioneer Technical Analyst

TESLA TURNS UP... Tesla is the day's biggest percentage gainer in the S&P 500 and the Nasdaq 100.  It's also the day's strongest stock in the Consumer Discretionary SPDR which is itself hitting a new record.   And it's chart is looking stronger.  Chart 1 shows Tesla (TSLA) rising above its 50-day moving average today and trading at the highest level since late February.  In addition, its 14-day RSI line in the upper box has risen to a two month high; while its daily MACD lines in the lower box have turned positive and are close to crossing above their zero line.   The horizontal lines on the chart show the stock's February/March pullback having retraced a little over 38% of its rally from March of 2020.   That's a normal retracement of an existing uptrend and often acts as a support level during a downside correction.

Chart 1
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John Murphy
About The Author:

A trailblazer in intermarket analysis, John authored key texts that shaped technical trading and helped generations of investors decode market trends using charts and correlations. Learn More 

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Tech Taps the Brakes, Homebuilders Hit the Gas: See the Rotation on StockCharts Today

Tech Taps the Brakes, Homebuilders Hit the Gas: See the Rotation on StockCharts Today

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by Jayanthi Gopalakrishnan,
Director of Site Content, StockCharts.com

KEY TAKEAWAYS * The S&P 500 notched a tiny new high while mega-cap tech cooled. Check the Market Summary Factors and MarketCarpet to see the rotation. * XHB cleared its 200-day moving average, and precious metals rose. * With GOOGL, TSLA, and IBM on deck and housing data due, stay patient...   READ MORE 

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The Best Five Sectors, #28

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by Julius de Kempenaer,
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Week Ahead: NIFTY Violates Short-Term Supports; Still Tentatively Devoid of Any Major Triggers

Week Ahead: NIFTY Violates Short-Term Supports; Still Tentatively Devoid of Any Major Triggers

Milan Vaishnav
by Milan Vaishnav,
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The Nifty traded in a broadly sideways and range-bound manner throughout the week, ending it with a modest decline. The Index oscillated within a narrow 276-point range, between 25144.60 on the higher end and 24918.65 on the lower end, before settling mildly lower. The India VIX declined by...   READ MORE 

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Three Bearish Candle Patterns Every Investor Should Know

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by David Keller,
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KEY TAKEAWAYS * The shooting star pattern indicates a short-term rotation from accumulation to distribution. * The bearish engulfing pattern suggests sellers have taken control, suggesting further weakness. * The evening star pattern is a three-candle formation that illustrates an exhaustion of buying power. There is no denying that the broad markets remain...   READ MORE 

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RGTI Stock Surged 30% — Is This the Start of a Quantum Comeback?

RGTI Stock Surged 30% — Is This the Start of a Quantum Comeback?

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by Jayanthi Gopalakrishnan,
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KEY TAKEAWAYS * RGTI stock jumped 30% breaking out of a months-long sideways trading range. * RGTI bounced off its 50-day simple moving average and broke a downward-sloping trendline. * Alongside RGTI, other quantum computing stocks such as IONQ and QBTS also rallied fueled by optimism around the sector's progress. One...   READ MORE 

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Simpler Charts, Better Results? Use This Trick to Trade Smarter With Less

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