Tesla stock has rallied strongly since the new “Go” trend took hold over a month ago. Today is the first day of trading with $TSLA as part of the S&P 500. Prior to its inclusion excitement pushed price to close at $695 on Friday.
As we can see on the GoNoGo Chart volume has been heavy during the entirety of this run (dark blue oscillator) but on Friday volume was expectedly massive. Well over 200 million shares were trade which was over 4 times the 30 day average.
Technically, this has pushed price to overbought levels with the GoNoGo Oscillator rising to its extreme. Of course, often in a strong trend this is bullish. We will see how much higher price can go before momentum cools causing price to pause, even if only temporarily.
By
Alex Cole
