TSLA: What's next?
Hello traders and investors! As its Friday, let’s do our usual Multi Time Frame Analysis (MTFA) on Tesla! It did a phenomenal movement today, just when everybody thought it would finally drop!
The situation is more complex than usual. The hourly chart is still bearish, and today’s movement could be just a pullback to the 21 ema, which is pointing downwards, and after it lost the purple trendline, we only see descending tops and bottoms. As long we don’t see ascending tops and bottoms, Tesla will continue to fall. This is quite bearish. Also, we have this blue line at $ 372.20, which we will talk about later.
On the other hand, we have the daily chart:
After Tesla triggered the Dark Cloud Cover candlestick pattern on Sep. 2, it just did what it was supposed to do: It looked for its supports. The first target was the 21 ema, and it held the price very well today!
I see the purple line at $ 359 as a very important support, but since the pullback was very weak today, Tesla didn’t even hit it. Right now, the candlestick is a Hammer, which is a bullish pattern (at least in theory), especially now that it is close to a support level.
The hourly chart is bearish, the daily chart is bullish. How about the weekly chart?
See why I find this purple line important? It is a pivot point in the weekly chart. If Tesla loses it, the next target is the 21 ema, and it will be an indicator that the trend is finally losing it strength in the mid/long-term.
Remember the blue line seen in the hourly chart? If TSLA loses it, could trigger a pivot that would lead it to the purple line seen on the daily/weekly chart. The fight will be very intense if Tesla hit this point!
And if this purple line will be lost, Tesla will frustrate the bullish pivot seen in the weekly chart, and it could sink down the price a little bit more.
Either way, the decisive movement can be spotted on the hourly chart first. Let’s keep our eyes open! And if this idea helped you, please, support it! And I invite you to follow me to keep in touch with my daily analyses. I’m sure you’ll find something helpful around here.
Stay safe.
The situation is more complex than usual. The hourly chart is still bearish, and today’s movement could be just a pullback to the 21 ema, which is pointing downwards, and after it lost the purple trendline, we only see descending tops and bottoms. As long we don’t see ascending tops and bottoms, Tesla will continue to fall. This is quite bearish. Also, we have this blue line at $ 372.20, which we will talk about later.
On the other hand, we have the daily chart:
After Tesla triggered the Dark Cloud Cover candlestick pattern on Sep. 2, it just did what it was supposed to do: It looked for its supports. The first target was the 21 ema, and it held the price very well today!
I see the purple line at $ 359 as a very important support, but since the pullback was very weak today, Tesla didn’t even hit it. Right now, the candlestick is a Hammer, which is a bullish pattern (at least in theory), especially now that it is close to a support level.
The hourly chart is bearish, the daily chart is bullish. How about the weekly chart?
See why I find this purple line important? It is a pivot point in the weekly chart. If Tesla loses it, the next target is the 21 ema, and it will be an indicator that the trend is finally losing it strength in the mid/long-term.
Remember the blue line seen in the hourly chart? If TSLA loses it, could trigger a pivot that would lead it to the purple line seen on the daily/weekly chart. The fight will be very intense if Tesla hit this point!
And if this purple line will be lost, Tesla will frustrate the bullish pivot seen in the weekly chart, and it could sink down the price a little bit more.
Either way, the decisive movement can be spotted on the hourly chart first. Let’s keep our eyes open! And if this idea helped you, please, support it! And I invite you to follow me to keep in touch with my daily analyses. I’m sure you’ll find something helpful around here.
Stay safe.
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