The Miami Entrepreneur

: Tesla’s stock rises toward a 3-day win streak, on its 2nd attempt to clear the 50-DMA

Shares of Tesla Inc. TSLA rallied 2.2% in morning trading Tuesday, to put them on track for a third-straight gain and second attempt to break through a closely watched chart level. The electric vehicle maker’s stock has tacked on 3.1% over the past three sessions, and has run up 14.7% amid an eight-session stretch in which it has gained seven times. The stock was trading above its 50-day moving average, which extends to $238.76. Many chart watchers view the 50-DMA as a short-term trend tracker. The stock closed above it on Nov. 15 — $242.84 close vs. $240.68 50-DMA — but fell back below it the next session. It hasn’t closed above the 50-DMA for at least two straight days since Oct. 17. If the stock decidedly clears the 50-DMA, a level chart watchers will be focused on will be where downward sloping line connecting in the intraday highs of July 19 ($299.29), Sept. 15 ($278.98) and Oct. 11 ($268.94) currently extends at roughly $253.65. That line has defined the stock’s downtrend over the past four months.

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