Tesla Inc. (NASDAQ: TSLA) shares are trading higher Monday after CEO Elon Musk said Saturday the company plans to start rolling cars off the production line at its new factory Giga Berlin.
Cars may begin to roll off the line as early as next month, and plans are made to produce 5,000 to 10,000 a day.
Tesla shares are up 1.2% at $794.90 at publication time.
Tesla Daily Chart Analysis
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The stock continues to push above the higher low trendline indicating the stock remains in its strong uptrend after breaking out of what technical traders call a pennant pattern.
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This trendline will likely hold as support more times in the future. If a day comes where the trendline is unable to hold again, the stock could see a strong push and a change in trends.
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The stock trades above both the 50-day moving average (green) and the 200-day moving average (blue), indicating the stock is likely facing a period of bullish sentiment.
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Each of these moving averages may hold as a potential area of support in the future.
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The Relative Strength Index (RSI) has been trading sideways above the middle line and sits at 64. This shows there is more buying pressure than selling pressure in the stock.
What’s Next For Tesla?
Bulls want to see the stock continue to hold above the higher low trendline and push higher. Bulls are in control of the stock so they want to see the stock keep a steady pace of growth in the stock.
Bears want to see the stock cross below the higher low trendline and be unable to cross back above the area. If this were to happen, the stock may be ready to see a large bearish push.
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