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Tesla just caught my eye in a way it hasn’t for weeks…
The stock opened around $344 on Tuesday, up from the $339 level where it’s been hanging out lately. And here’s what got me thinking — this could be shaping up as a wedge pattern, which would be exactly the kind of setup I’ve been watching for.
It could still just be sideways movement, bouncing between resistance and support levels like we’ve seen for the past few weeks. But there’s something about the way this is consolidating that has my attention.
The Wedge Formation That Could Change Everything
Here’s how I’m reading this pattern…
We had the trough formation after a big move down from $488, then the move up, and now we’ve been in this consolidation phase since mid-May.
That’s textbook wedge behavior — and it’s exactly the kind of structure that precedes bigger moves.
Think of it this way…
The market is building that accumulation base right now. Instead of breaking down after the initial move, Tesla is holding these levels and building a foundation. That’s constructive price action, not the kind of weakness you’d expect if this were heading lower.
The key is recognizing that consolidation phases like this aren’t dead zones — they’re preparation zones. The market is gathering energy for whatever comes next.
Why I’m Still Thinking Much Higher
Look, I’m not calling a breakout tomorrow, but I am positioning for what could be a significant move higher over the coming months.
I’d like to see Tesla get back to all-time highs — whether that happens by year-end or we’re looking at early 2026, the setup is building for that kind of move.
The beauty of wedge patterns is they often resolve with conviction. We’re not talking about a modest 5% or 10% move here. If this consolidation breaks to the upside like I think it will, we could be looking at a return to those previous highs and potentially beyond.
So while others are getting frustrated with the sideways action, I’m viewing this as Tesla building the foundation for its next major leg higher.
I’ll see you in the markets.
Chris Pulver
Chris Pulver Trading
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