TESLA: getting into the S&P... getting hot!

TESLA: getting into the S&P... getting hot!

Pretty expected from Tesla but still – every time there is a sudden spike like this, one gets impressed. After weeks of trading below $450, Tesla shares leaped to $465. Why? Simple: exactly yesterday Bloomberg wrote about this stock being included into the S&P in December – finally, after months of doubts and speculations on that.

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Of course, as it is a very prestigious event for any stock, Tesla immediately boomed into the upside: the price reached $465. The latter is a very interesting level: twice the price reached there after the August rally and twice bounced downwards. We will see if this week will have the price hang below that resistance, or, it will make another local low. In any case, if there is a triangle to be found, it is there: with $465 being the upper side providing resistance, and the marked upslope being the lower side. As there is little optimism around, there is a high likelihood that it will take a while before the triangle exhausts itself and the price moves above $465 confidently. Watch that level.

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