Tesla (TSLA) has been screaming higher of late, as very impressive gains have taken place.
Is Tesla about to run out of energy/take a break/experience some selling pressure? A unique price setup is in play, that bulls might want want to be aware of.
This chart applies Fibonacci to the 2016 lows and 2017 highs at each (1). The impressive rally of late has it testing its 161% extension level, based upon those price points.
At the same time, it is hitting its 161% extension level, it finds itself at the top of a 7-year rising channel, with momentum hitting the highest level since 2013.
Does this price point suggest that Tesla could cool off for a while? Possible!