From a technical standpoint, Tesla (TSLA) looks like it will be continuing the bullish effort of 2016. Let's take a look at the 4H TSLA chart.TSLA 4H Chart 7/27(click to enlarge)Bullish Breakout:- The 4H chart doesn't show it clearly, but the rally in February to April from 140.75 to about 269.30 broke above a falling trendline coming down from July 2015. - The rally was also very sharp and indicated that Tesla might be turning things around in 2016. Bearish Correction: - Since missing the 270 handle, TSLA has been consolidating in what appears to be a falling channel or wedge. - The correction came down to about 189.85, which was basically the Fibonacci Retracement level of 61.8%. Another Bullish Breakout:- After the 61.8% retracement, price rallied sharply and broke above the falling channel resistance.- The breakout appears legit, and as long as price can hold above 219, TSLA looks bullish towards 269-270. - I think there is upside not only towards 270 but to the all-time high around 291.55 seen in the weekly chart. - I think TSLA is bullish in the short and medium-term. - There could be a challenge around 240. - Let's see how the market reacts there. we should anticipate some resistance, but unless price breaks back below 200, I think the bias would still be bullish. If you are not bullish on TSLA for the long-term outlook, you might want to anticipate the rally towards 280-291 before fading it. TSLA Weekly Chart(click to enlarge)Here are a couple of recent news headlines:1) Tesla parted ways with Mobileye (electrik.co)2) Update on Tesla's gigafactory (BBC)