Tesla's Technical Rally
Shares of Tesla Motors (NASDAQ: TSLA) have rallied by four percent Monday due to major technical level focuses.
The $218 to $219 price levels form early April to late May appear to have been dominant trending areas, with the stock continuing to recover most recently from its minor June 30 slump. Since the electric automaker missed earnings guidance on May 7, causing its share price to slump from its $218 trend, shares recovered after strong performance beginning its most recent quarter.
Technical traders appear to be focused on the opening pricing, causing a high spike in trading volume.
Shares of SolarCity (NASDAQ: SCTY) have rallied by 2.9 percent. Tesla and SolarCity have recently seen high correlation due to the two companies attempt to support Tesla vehicles with the increased accessibility of electric chargers.
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