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Is Tesla Forming a Head and Shoulders Pattern?

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JEFF COOPER ANALYZES TESLA
DailyFeed
This morning, Elon Musk took a page from Reed Hasting’s book (see piece on Netflix (NASDAQ:NFLX) from Wednesday here).
 
See Musk comments from this morning here.
 
Perhaps Elon is as good a technician as he is a brilliant innovator and businessman.
 
The Daily Market Report from this morning has a daily Tesla (NASDAQ:TSLA) chart, which shows that the stock turned its 3-Day Chart down on Wednesday for the first time since its vertical phase began.
 
Yesterday, Tesla traded above Wednesday’s high turning the dailies back up so that a second higher daily high today will put Tesla in its first Minus-One/Plus-Two Sell position since its runaway move began.
 
This is occurring on a backtest of its overhead 20-day moving average. At the same time, there is now a well defined 3-point trendline at around 160, which may be a Neckline with Tesla potentially carving out a right shoulder here.
 
Tesla Chart from the Daily Market Report:



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POSITION:  No positions in stocks mentioned.
TICKERS:  NASDAQ:NFLX, NASDAQ:TSLA   

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