This story was originally published here.
Labor Day will keep U.S. equity markets closed on Monday, making Tuesday Sept. 8 the first trading day of next week. With that in mind, let’s look at a few top stock trades ahead of a long three-day weekend.
Top Stock Trades for Tuesday No. 1: Tesla (TSLA)
Click to EnlargeSource: Chart courtesy of StockCharts.com
The volatility over the last few days has been palpable and Tesla (NASDAQ:TSLA) is target No. 1 for many traders.
After a couple of tough days shares are finding buyers — a pullback of which doesn’t look bad at all amid the current run, even though shares fell more than 25% from the peak to the recent low.
The 261.8% extension and 20-day moving average are acting as support, while the 10-day moving average is acting as resistance. We need to see which one of these levels gives way and if we can see a continuation in the direction of that break.
On a break of the 20-day moving average and 261.8% extension, let’s see if Tesla takes out Friday’s low at $372.02 and closes below it. If so, it puts the 50-day moving average and breakout level near $330 on the table.
Above the 10-day moving average and three-times range extension, could put $500 back on the table.
Editor's Note: Click here to keep reading.
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