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

By Amy Schwartz

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 $373.27 and $376.70 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.

In the past 52 weeks, shares of Tesla Motors Inc have traded between a low of $141.05 and a high of $384.25 and are now at $375.00, which is 166% above that low price. 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 (NASDAQ:TSLA) is currently priced 32.4% above its average consensus analyst price target of $253.64. The stock should find initial support at its 50-day moving average (MA) of $230.07 and further support at its 200-day MA of $225.70.

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 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 41.5%. 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