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

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Tesla Motors Inc (NASDAQ:TSLA) based on the price action in the company's shares. Today's price range of $305.40 and $308.23 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. Traders and investors interested in shares of Tesla Motors Inc may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Over the past year, Tesla Motors Inc has traded in a range of $141.05 to $327.66 and is now at $307.34, 118% above that low. Over the last five market days, the 200-day moving average (MA) has gone down 0.4% while the 50-day MA has advanced 1.8%.

Tesla Motors, 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 Motors Inc (NASDAQ:TSLA) is currently priced 17.5% above its average consensus analyst price target of $253.64. Tesla Motors Inc shares have support at the 50-day moving average (MA) of $230.07 and additional support at the 200-day MA of $225.70.

SmarTrend recommended that subscribers consider buying shares of Tesla Motors Inc on March 16th, 2017 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $262.40. Since that recommendation, shares of Tesla Motors Inc have risen 15.8%. We continue to monitor TSLA for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bullish inside day candle tesla motors inc

Ticker(s): TSLA