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Forbes Money Why Tesla Will Confirm A Golden Cross On Friday Richard Henry Suttmeier Contributor Opinions expressed by Forbes Contributors are their own. Following Jun 22, 2023, 02:39pm EDT | Press play to listen to this article! Got it! Share to Facebook Share to Twitter Share to Linkedin (Photo by Justin Sullivan/Getty Images) Getty Images Tesla TSLA had a bear market decline of 75.4% from the high of $414.49 set on November 4, 2012, to the low of $101.81 set on January 6, 2023. The date of the low was a positive key reversal day. This buy signal was followed by a gain of 172% to a high of $276,99 set on June 21, 2023. Additional upside is highly likely if this week ends with a golden cross on its daily chart. The 50-day simple moving average is $194.87 with the 200-day simple moving average at $195.67. A bullish cross-over is highly likely on Friday, June 23. The weekly chart for Tesla has been positive since the week of May 19, 2023. Tesla has an elevated p/e ratio at 80.72% and does not offer a dividend, according to Macrotrends. The stock has beaten earnings-per-share estimates in nine consecutive quarters. The Daily Chart for Tesla Daily Chart for Tesla Refinitiv Courtesy of Refinitiv Xenith. Tesla nearly had a golden cross on September 30, 2022, but that did not happen as the 50-day simple moving average stayed below the 200-day simple moving average. This failed signal prompted the 67.5% decline from the September 21, 2022 high of $313.80 to the low of $101.81 set on January 6, 2023. MORE FOR YOU ‘A New Wave’—Major Bank Reveals A $15 Trillion Earthquake Could Be Headed For The Bitcoin, Ethereum, BNB, XRP, Cardano, Dogecoin, Tron, Solana And Polygon Price Nigerian Cement Tycoon Aliko Dangote Falls To Africa s Second Richest After 12 Years At No 1 Tesla Stock Has Worst Day Since April Warns Investors Should Move To Sidelines Following 170 Rally Note that January 6, 2023 was a key reversal buy signal. This happened when this day’s close was above the January 5 high after setting that 2023 low. Tesla will soon have a golden cross when the 50-day SMA moves above the 200-day SMA. The horizontal lines on the chart from low to high are the monthly value level at $113.41, the annual pivot at $192.93, the quarterly risky level at $271.66, and the semiannual risky level at $362.34.. The Weekly Chart for Tesla Weekly Chart for Tesla Refinitiv Courtesy of Refinitiv Xenith. The weekly chart for Tesla has been positive since the week of May 19, 2023. The stock is above its five-week modified moving average at $221.23 and is well above its 200-week simple moving average or “reversion to the mean” at $186.28. The 12x3x3 weekly slow stochastic reading is rising at 79.79. The stochastic readings scale from 00.00 to 100.00 with a number above 80.00 overbought and below 20.00 oversold. This reading will likely be overbought at the beginning of next week. Trading Strategy: Buy Tesla on weakness to its annual pivot at $192.93. Reduce holdings on strength to its quarterly risky level at $271.66. Follow me on Twitter or LinkedIn . Richard Henry Suttmeier Editorial Standards Print Reprints & Permissions
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