Tesla Measured Move Tactic Gives Precise Target
Shares of Tesla Inc (TSLA) are making a new all-time high today, just two weeks away from its official entry into the S&P 500. As a near-term swing trader I am constantly looking for technical buy and sell signals. In the case of Tesla, there is a measured move tactic that gives a precise upside final target. The level is $638.00 based on the measured move tactic. To understand this, simply take the low pivot from August 11th, 2020 at $273.00 to the high pivot of that move on September 1st, 2020 at $503.00.
This was a move of $230.00 from low to high. After that epic move higher, Tesla went into a classic wedge pattern of consolidation for three months. Finally, on November 16th, 2020 it began its next big surge higher $408.00. The measured move tactic signals you will get a replica of the first move. In other words, from the move higher should be the same $230.00 move investors saw on the last surge higher. When investors add $230.00 to the $408.00 starting up-move, a target of $638.00 is found. This would be the measured move calculation where investors can expect Tesla to tag before a bigger pull back takes place.
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