Home » Why I Bought Tesla Yesterday & How to Trade Along

Why I Bought Tesla Yesterday & How to Trade Along

Published September 1, 2021

I am primarily a stock trader…

I live in front of my screens each and every day.

And I’m constantly on the hunt for great new stock trades.

This is how I can provide to you my favorite trades each and every week inside Stock Surge Daily.

At the core of my analysis is my Stock Surge Indicator (SSI) system.

This system takes into consideration a bevy of trading price and volume information…

It then identifies stocks that are ready for a breakout and a surge in price.

And it’s this system that led me to my latest trade…

I bought shares of Tesla (TSLA) yesterday.

Here’s why…

The stock is setting up in a classic breakout pattern.

Check out the price action…

***Daily Chart of Tesla (TSLA) — Source: TradingView***

Zooming out a bit, you’ll notice the “ascending triangle” pattern framed by the green trend lines.

This is exactly what I like to see – shallower and shallower pullbacks as the stock creates a wedge formation toward the right side of the chart.

At the same time, volume has been decreasing.

This is a good sign. It means less supply is coming to market.

In other words, less people are trying to sell their shares. So, if demand increases, it will be easier for the price to rise.

The moving averages have also turned up.

TSLA now trades above its 20-, 50-, 100- and 200-day moving averages.

This means the short-, medium- and long-term trends are all pointing higher.

The fundamentals are also strong.

Tesla has seen huge growth in both sales and earnings in each of the last four quarters.

Tesla Quarterly EPS & Sales Growth

Finally, there’s a good story…

Not only is Tesla preparing to enter the Indian market, but the company also filed to sell electricity directly to Texas citizens.

Oh, and let’s not forget Tesla Bot – Elon’s newest plan to manufacture humanoid robots to take over our day-to-day tasks.

Combined, this creates a compelling case for a long trade on TSLA.

I’m playing this one pretty tight with a stop about 5% below my 729.75 entry price.

I will consider adding to the position if it gets traction and starts to move.

Embrace the Surge,

Ross Givens

Editor, Stock Surge Daily

Stocks to watch, Surge Stock Indicators, Tesla

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Ross Givens

I bought my first stock when I was 12 years old. It was Microsoft. I’ve been a registered financial advisor. I’ve worked as a stock broker. I ran a managed fund. I was a Vice President at JP Morgan with Series 7, Series 66 and Series 3 securities licenses. I’ve been featured on Fox Business, CNBC, Bloomberg, and a bunch of other networks. The only thing I enjoy more than making money, is helping YOU make money.

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