One of our favorite stocks to trade within the The Profit Machine trading community also happens to be one of the most popular stocks to trade generally speaking. The subject of today’s video is the electric vehicle powerhouse, Tesla Motors (TSLA).

The stock has had a bit of a rough stretch of road throughout the past year, as investors have lost their appetite for the risk that comes with investing in this newer technology, as well as battling the antics of the company’s billionaire owner, Elon Musk. All the turbulence around the stock has lead to the steep decline you can see just by looking at the stock’s chart over the past year or so.

However, despite all the negative sentiment surrounding the market and stock in general, TSLA is setting up what we call a reversal pattern. As the rest of the market has found some solid footing, showcasing a rally over the past couple weeks, TSLA has found some footing as well.

The formation of this pattern comes after a brief period of consolidation in the stock’s price with the pattern signaling the stock could be ready to push higher, as long as the market continues to rally. If the market’s current rally was to lose steam, then TSLA would have a hard time pushing higher.

Check out the video below for the full breakdown of the pattern and what it means for the stock.

When it comes to trading, the road to becoming a profitable and consistent can be long and very difficult. However, having a mentor, as is true with many areas in life, can drastically cut down on the learning curve. When you join The Profit Machine not only with you get access to a world-class trading mentor, but you’ll also gain access to all my trades, which will allow you to learn while you earn.

You won’t be alone either. This community is made up of thousands of traders like yourself, who are committed to improving upon the skill that is options trading. Make the commitment to improving your financial well-being today and make 2023 the best year you’ve ever had as a trader. I look forward to you becoming a part of this fast growing community.

Good Luck!

Christian Tharp, CMT