Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
People are taking another look at Tesla shares after a message from a well-known trader, Peter Brandt. He pointed out a pattern on the chart that looks like an ascending triangle.
His approach is based on classical charting, a discipline that was first set out almost a century ago, and he has noted that Tesla's price movements are following those same structures.
Those who pay close attention to technical setups might see that the pattern suggests the TSLA stock could rise further.
The conversation about the chart happened just as new documents showed that Elon Musk, through his trust, had bought more than 2.5 million Tesla shares for the first time in a long time.
The purchase is worth just under $1 billion and had a big impact straight away. Before the market opened, Tesla was already up around 7%, which investors see as a major positive.
What's next for Tesla (TSLA)?
Brandt's chart and Musk's purchase show that technical traders and corporate news are both pointing in the same direction right now. This is also happening at a time when there is a lot of speculation about Musk's next compensation plan, worth $1 trillion.
That plan, if approved in November, would require Musk to stay at Tesla for another decade and to raise the company’s valuation from its current $1 trillion to $8.5 trillion, with milestones tied to robotaxi rollout and advances in artificial intelligence.
For shareholders, the mix of Musk’s billion-dollar buy, Brandt’s chart signal and the looming $1 trillion pay package makes Tesla’s next chapter one of the most closely watched on the market.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team