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

By Shiri Gupta

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 $194.62 and $197.43 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.

Potential upside of 49.1% exists for Tesla Motors Inc, based on a current level of $197.26 and analysts' average consensus price target of $294.07. The stock should run into initial resistance at its 200-day moving average (MA) of $225.70 and subsequent resistance at its 50-day MA of $230.07.

Over the past year, Tesla Motors Inc has traded in a range of $141.05 to $286.65 and is now at $197.26, 40% 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%.

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.

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

Keywords: bullish inside day candle tesla motors inc

Ticker(s): TSLA