The weekly chart played a huge role. Tesla had been moving sideways since its late-2021 high, building an almost five-year base. The weekly chart kept making higher lows, then produced a huge green candle closing above the 21 and 9 weekly EMAs. After a pullback, we saw an undercut and rally back above the weekly 9 EMA, although it closed below the 21. On the daily chart, instead of rolling over, it also undercut and rallied above the EMAs. The next day it pulled back into the rising EMAs, held anchored VWAP (AVWAP), and closed above the 50 EMA. That could be a first higher low if it breaks the previous high. Holding above the EMAs is bullish, and the weekly VCP plus the daily higher-low setup made it attractive.
Source: Not euphoric enough | 8 May 2026