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Possible Bearish Inside Day Candle Pattern Detected for Tesla Inc (NASDAQ:TSLA)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Tesla Inc (NASDAQ:TSLA) based on the price action in the company's shares. Today's price range of $412.76 and $418.90 is within yesterday's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of Tesla Inc may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Based on a current price of $414.74, Tesla Inc is currently 25.3% above its average consensus analyst price target of $309.69. The stock should discover initial support at its 50-day moving average (MA) of $330.10 and subsequent support at its 200-day MA of $261.86.

Over the past year, Tesla Inc has traded in a range of $176.99 to $420.42 and is now at $414.74, 134% above that low. The 200-day and 50-day moving averages have moved 0.75% higher and 3.25% higher over the past week, respectively.

Tesla Inc. designs, manufactures, and sells high-performance electric vehicles and electric vehicle powertrain components. The Company owns its sales and service network and sells electric powertrain components to other automobile manufacturers. Tesla serves customers worldwide.

SmarTrend recommended that subscribers consider buying shares of Tesla Inc on September 10th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $232.24. Since that recommendation, shares of Tesla Inc have risen 80.5%. We continue to monitor TSLA for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish inside day candle tesla inc

Ticker(s): TSLA