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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 $294.85 and $299.95 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.

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 Inc (NASDAQ:TSLA) has potential upside of 11.6% based on a current price of $299.50 and analysts' consensus price target of $334.30. The stock should discover initial support at its 50-day moving average (MA) of $230.07 and subsequent support at its 200-day MA of $225.70.

Over the past year, Tesla Inc has traded in a range of $178.19 to $387.72 and is now at $299.50, 68% above that low. In the last five trading sessions, the 50-day moving average (MA) has climbed 1.8% while the 200-day MA has slid 0.4%.

SmarTrend is tracking the current trend status for Tesla Inc and will alert subscribers who have TSLA in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish inside day candle tesla inc

Ticker(s): TSLA