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Tesla's (TSLA) bullish reakout looks legit

From a technical standpoint, Tesla (TSLA) looks like it will be continuing the bullish effort of 2016. Let's take a look at the 4H TSLA chart.

TSLA 4H Chart 7/27

(click to enlarge)

Bullish Breakout:
- The 4H chart doesn't show it clearly, but the rally in February to April from 140.75 to about 269.30 broke above a falling trendline coming down from July 2015. 
- The rally was also very sharp and indicated that Tesla might be turning things around in 2016. 

Bearish Correction: 
- Since missing the 270 handle, TSLA has been consolidating in what appears to be a falling channel or wedge. 
- The correction came down to about 189.85, which was basically the Fibonacci Retracement level of 61.8%. 

Another Bullish Breakout:
- After the 61.8% retracement, price rallied sharply and broke above the falling channel resistance.
- The breakout appears legit, and as long as price can hold above 219, TSLA looks bullish towards 269-270. 
- I think there is upside not only towards 270 but to the all-time high around 291.55 seen in the weekly chart. 
- I think TSLA is bullish in the short and medium-term. 
- There could be a challenge around 240.
- Let's see how the market reacts there. we should anticipate some resistance, but unless price breaks back below 200, I think the bias would still be bullish. 

If you are not bullish on TSLA for the long-term outlook, you might want to anticipate the rally towards 280-291 before fading it. 

TSLA Weekly Chart

(click to enlarge)

Here are a couple of recent news headlines:
1) Tesla parted ways with Mobileye (electrik.co)
2) Update on Tesla's gigafactory (BBC)