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Tesla, Inc (NASDAQ:TSLA) was trading mostly flat Friday, continuing to trade mostly sideways within a triangle formation on the daily chart.
Unlike NVIDIA Corporation, which has surged about 57% since the first trading day of 2024, Tesla has fallen about 22% and on Thursday, Jim Cramer said Nvidia CEO Jensen Huang is a “bigger visionary” than Elon Musk. Read More Here...
While Tesla’s performance recently has severely lagged behind the six other Magnificent Seven stocks, a reversal has been taking place, which could set the EV giant on a larger rebound because the stock is trading in a triangle pattern and has developed hidden bullish divergence.
For traders hoping to profit from a potential reversal to the upside in Tesla, single-stock ETFs could provide a solid return.
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Single Stock ETFs: ETFs that only track one security are riskier than other leveraged or inverse funds because they don’t offer diversification. Similar to leveraged index funds, single-stock ETFs should only be expected to track the underlying stock(s) for a single day.
For traders who want to play Tesla bullishly, Direxion Daily TSLA Bull 1.5X Shares (NASDAQ:TSLL) offers 150% daily leveraged investment results to that of Tesla. For traders bearish on Tesla, Direxion Daily TSLA ear 1X Shares (NASDAQ:TSLS) seeks daily investment results, before fees and expenses, of 100% of the inverse (or opposite) of the performance of the EV giant.
It should be noted that leveraged and/or inverse ETFs are meant to be used as a trading vehicle as opposed to a long-term investment.
The Tesla Chart: Tesla has been trading in a triangle pattern since Feb. 16, making a series of higher lows and lower highs. While the stock has been consolidating within the triangle, bullish momentum has been increasing, which has caused hidden bullish divergence to form.