The Charts For TSLA And AMZN Are Going Hyperbolic – Mike Swanson (07/07/2020)

All markets are down a little in pre-market action taking a breather. The charts for TSLA and AMZN though are now going hyperbolic. The rate of price advance for the stocks is almost straight up. It’s incredible. Take a look for instance at this chart for TLSA.

Take a look at the rate of change indicator on the bottom of this chart showing you that the 12-day rate of change for the price. It’s 38.29% up for TSLA. The stock broke through the 1000 resistance point at the end of June and has since been going straight up.

AMZN appears to have begun a move like that itself last week when it smashed through 2800.

If you are in these stocks you are having fun but I don’t see a good entry point right here for new buyers. Most likely AMZN is rallying into its earnings report due out the last week of this month.

I prefer to buy stocks that are just starting to breakout instead of stocks that already have gone straight up. Luckily my top stock for this summer is now in the process of breaking out. For more on it just click here.

-Mike



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