There was a time when LinkedIn (LNKD) and Tesla (TSLA) were joined at the hip and led the momentum crowd. Both stocks surged from January to September and then corrected from early October to mid November. This relationship appears to be changing as Tesla sank to new lows for the month and LinkedIn rebounded with a strong surge. Notice how Tesla broke down in early November, consolidated with a pennant and broke pennant support with a sharp decline the last three days. In contrast, LinkedIn formed a bullish engulfing last week and followed up with a surge above 230.
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About the author:
Arthur Hill, CMT, is the Chief Technical Strategist at TrendInvestorPro.com. Focusing predominantly on US equities and ETFs, his systematic approach of identifying trend, finding signals within the trend, and setting key price levels has made him an esteemed market technician. Arthur has written articles for numerous financial publications including Barrons and Stocks & Commodities Magazine. In addition to his Chartered Market Technician (CMT) designation, he holds an MBA from the Cass Business School at City University in London.
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