With a confluence of good news, Tesla (NASDAQ: TSLA) has been one of my best stock investments to date.
The shares hit a record high after beating estimates for vehicle deliveries in the 4th quarter, and Tesla’s Chinese Gigafactory has started delivering its first cars.
Looking at this weekly chart, we can see that the general pattern is a trending trading range.
From 2014 to 2017, the stock traded between $180 and $280, which was around a $100 range.
From 2017 to 2019, the stock traded between $250 and $380, which was around a $130 range. There was a brief period where is also dipped down back to test the prior range bottom of $180.
Depending on where you bought, your returns could range from 80% to 140%, which is pretty awesome for your portfolio.
And now that prices have broke above the $400 level, I am expecting price to stabilise and form a new trading range.
At this point, it is hard to tell where the boundaries of the range is going to be, but if you are looking to buy, then it is best to buy near the bottom of the range once it gets established.
I will continue to monitor this stock since it is in my portfolio, and post any new updates or buying opportunities in my free Telegram channel.
See you on the inside!