On Thursday, Fintech Zoom Pro alerted its users Tesla had filed a patent that would allow it to recover and recycle nickel and cobalt from old lithium-ion EV batteries.
The patent, titled “Metal Sulfate Manufacturing System via Electrochemical Dissolution,” would allow the EV and technology company to recover the two crucial raw battery metals and reuse them making its supply chain more efficient.
Tesla’s stock shot up 5% on Thursday and on Friday continued to rise on bullish momentum.
See Also: How Elon Musk Reacted To Suggestion That AMC Should Accept Dogecoin
Tesla’s stock was also been plagued by a descending trendline the stock has been trending under since reaching an all-time high of $900 on Jan. 25.
On June 25, Tesla’s stock bucked the downtrend and broke up bullishly from the trendline. Since the break, the stock has been trading in a sideways consolidation pattern between about $620 and $700.
Tesla has tried to bust through the $700 level on three separate occasions and failed, but the more often the stock nicks the resistance level ,the weaker it becomes.
Tesla is trading above both the eight-day and 21-day exponential averages, and the eight-day EMA recently crossed up over the 21-day EMA, both which are bullish indicators.
Tesla’s stock is also trading above the 200-day simple moving average, which indicates overall sentiment in the stock is bullish. All three moving averages are curling upward, which indicates higher prices may come.
- Bulls want to see Tesla’s stock break up above the $700 level, which could cause shorts to cover because it is a key zone. If Tesla can trade above the level, it has room to move up toward $745 before hitting further resistance.
- Bears want to see Tesla’s stock continue to reject its upper resistance and for big bearish volume to drop it down below a support level at $650 that coincides with the 200-day SMA.
- If Tesla’s stock loses the areas as support, it could fall toward the $628 level.
© 2021 Fintech Zoom.com. Fintech Zoom does not provide investment advice. All rights