---
title: "The 2023 Bull Market For Tesla Began With A Key Reversal On January 6"
type: "News"
locale: "zh-HK"
url: "https://longbridge.com/zh-HK/news/90339679.md"
description: "The daily and weekly charts for Tesla"
datetime: "2023-06-15T23:25:04.000Z"
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  - [en](https://longbridge.com/en/news/90339679.md)
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---

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# The 2023 Bull Market For Tesla Began With A Key Reversal On January 6

Charger with Tesla logo at a Supercharger rapid battery charging station for the electric vehicle ... \[+\] company Tesla Motors, in the Silicon Valley town of Mountain View, California, August 24, 2016. (Photo by Smith Collection/Gado/Getty Images).

Getty Images

**Tesla Inc (TSLA)** had a bear market decline of 67.5% from the high of $313.80 set on September 21, 2022, to the low of $101.81 set on January 6, 2023. The date of the high was a negative key reversal day. The date of the low was a positive key reversal day.

The bull market gain from the January 6 low to the high of $261.57 set on June 14, 2023, totaled 156%. An additional upside signal will occur when a golden cross is confirmed. This will happen when the 50-day simple moving average at $188.56 moves above the 200-day simple moving average at $195.88, These averages are quickly converging on Tesla’s daily chart. The weekly chart for Tesla has been positive since the week of May 19, 2023.

Tesla has an elevated p/e ratio at 76.09% and does not offer a dividend, according to Macrotrends.

**The Daily Chart for Tesla**

Daily Chart for Tesla

Refinitiv

_Courtesy of Refinitiv XENITH_

Tesla nearly had a golden cross on September 30, 2022, but that did not happen as the 50-day simple moving average stayed below the 200-day simple moving average. This failed signal prompted the 67.5% decline from the September 21, 2022 high of $313.80 to the low of $101.81 set on January 6, 2023.

Note that January 6, 2023 was a key reversal buy signal. This happened when this day’s close was above the January 5 high after setting that 2023 low. Tesla will soon have a golden cross when the 50-day SMA moves above the 200-day SMA.

The horizontal lines from low to high are the monthly value level at $113.41, the annual pivot at $192.93, and the quarterly risky level at $271.66.

**The Weekly Chart for Tesla**

Weekly Chart for Tesla

Refinitiv

_Courtesy of Refinitiv XENITH_

The weekly chart for Tesla has been positive since the week of May 19, 2023. The stock is above its five-week modified moving average at $209.65 and is well above its 200-week simple moving average or ‘reversion to the mean’ at $185.00. The 12x3x3 weekly slow stochastic reading is rising at 72.97. The stochastic readings scale from 00.00 to 100.00 with a number above 80.00 overbought and below 20.00 oversold.

**Trading Strategy:** Buy Tesla on weakness to its annual pivot at $192.93. Reduce holdings on strength to its quarterly risky level at $271.66.

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