Home / Top News / Three stocks to buy on recent weakness: Technician

Three stocks to buy on recent weakness: Technician

Lastly, Ross pointed to Tesla as a stock to buy when volatility picks up.

Despite the stock’s recent weakness, down 22 percent from its September high, Ross stressed the importance of looking at a longer-term chart in order to get a better grasp of its performance.

“The stock is up against the ropes, and we’ve pulled back to critical long-term support at the high end of this very well-defined multiyear base of support [around the $280 level],” he said.

He added that if Tesla’s stock is able to hold above the support level at the 50-week moving average, you’re going to get a sharp move in the opposite direction. “In this case, it’s higher,” Ross explained.

Tesla shares are up more than 40 percent this year.

About admin

Check Also

How yelling at kids affects their happiness, success

Almost every parent yells at their child eventually, no matter how hard they try to …