TSLA - Consolidating the Volume Shelf
$Tesla Motors(TSLA)$ - Consolidating the Volume Shelf
Today, the price found rejection at $365.5, the immediate bullish target presented last Saturday for this security. If we are strict with candlestick patterns, the latest candle is a fake dark cloud, meaning that the bullish momentum continues and a breach of the central weekly level, $341.9, is very unlikely.
The current volume shelf, which was highlighted in the weekly compass when it was smaller several days ago, now suggests a solid consolidation area. Once the price jumps above its higher edge, a rapid move towards $390 is likely.
The annual $353 level, also presented in the weekly compass, is being breached as of today, adding bullish references to the landscape.
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