Not an Auto-Buy, But Tesla is Toughening Up
After its recent pullback since late-February earnings, Tesla Motors responded to a brief dip below the key $250 level in a bullish manner.
Today, the name is shooting higher in the face of a soft, pre-FOMC tape. As I write this, Tesla is trying to clear $255, the next level of resistance we have been tracking after $250.
While TSLA is still attempting to clear its long-term resistance trend-line, seen below, with a bit more authority than it did in February, it is obviously back in play as a major momentum Nasdaq leader trying to hang with the "FANG" and PCLN stocks. If that group continues to act as resilient as they have of late, especially after The Fed this week, then it will likely continue to be tough sledding for bears as spring approaches, and even as crude remains unable to hold a bounce.
More in my usual Midday Video for Members.