$Tesla (TSLA.US)$ The stock broke away from the pennant a co...

$Tesla(TSLA.US)$ The stock broke away from the pennant a couple of months ago and surged higher. It's now pulling back for the first time since almost doubling after the pennant break.Shares may find support near the trendline that once held as pattern support at some point in the future. A new resistance level may have formed near the $1,250 level as the stock could climb above the level.
Bulls shouldn’t be too upset to see the stock pulling back as the stock was moving in an almost parabolic direction. Any stock that ends up going parabolic will eventually see some sort of large pullback. This should give bulls some hope to see some sort of bounce in the future and have a great buying opportunity to get more shares at a cheaper price.