Tesla (TSLA) closed up 9 percent today on strong volume, with over 12 million shares transacted (almost twice its recent daily average volume). The move above $220 and the 50 day moving average signals a bullish emergence from TSLA's recent base pattern. Are we seeing the start of a new uptrend in Tesla's stock price? Here's an updated TSLA chart with today's closing price at $224.61. The stock closed near the high of its daily range, another indication of strength. Elon Musk recently announced that Tesla would "open source" its patent portfolio, which should help fuel innovation in the EV market and encourage further build out of the needed electric charging infrastructure. Traders seem to have digested the patents strategy and decided in its favor. More on Tesla's patent strategy and Musk's vision for electric cars from Wired: " ...Asked what Tesla shareholders thought of the company’s move, Musk downplayed the importance of...
A trader's view of the stock market and emerging financial trends.