$TSLA above $900 to ATHs. Bears won't want to hear this, but there's a very good chance this one keeps going. As mentioned on @cvpayne a few months back, I have a $1300 price target on this stock by August 2022. Will we make it? Who knows. But we are off to a good start. pic.twitter.com/JgD9YNh7Ad
— Ian McMillan, CMT (@the_chart_life) October 25, 2021
Today’s Chart of the Day was shared by Ian McMillan (@the_chart_life). It’s a daily candlestick chart of Tesla ($TSLA) over the past 2.5 years. This was easily the most talked-about stock in today’s session as it broke out to an all-time high and joined the $1 trillion market cap club. This wasn’t just any old breakout, it was a breakaway gap, which is when price gaps above a significant resistance level and continues higher. Breakaway gaps are often found at the beginning of a new trend. It’s also worth noting that the stock has formed a solid 10-month base to launch higher from. To be fair, it may be hard to trade this breakout given today’s 12% move. But after going sideways all year, this looks like the beginning of a new leg higher for the world’s most contested automaker.