Getting “Charged Up”?
The EV space has been one that has been disappointing in sales figures overall and yet the daily chart below of TSLA seems to be ignoring this. That is a good sign and last week made some technical progress which is all we care about, and it is making its move as its flamboyant CEO seems to make headlines on a daily basis, which in the past has affected the stock. Perhaps bulls are looking past this noise and we flagged the potential weakness after the WEEKLY spinning top candle the week ending 7/12 after a furious sprint higher in PRICE. Some may interpret this as a WEEKLY double bottom with handle base but the handle has formed to low in the pattern. Against domestic rival RIVN, which was acting well nearly doubling in PRICE off the very round 10 number completing a bullish morning star on 6/24, it looks again like it wants to take on a leadership role (see ratio chart here breaking above 3-month downtrend). Its MONTHLY chart shows huge potential as it carves out a symmetrical triangle/bull flag. Notice how the doji in November 201 called the top and the bullish piercing line in January 2023 at the very round par number the bottom.