TSLA: Losing Momentum (For Now).
• TSLA stock is stabilizing, trading between its key support and resistance levels;
• The key support is the 38.2% Fibonacci’s Retracement again. Most of the time, when TSLA loses the 38.2% retracement after bouncing above it for a while (like in this case), the 61.8% retracement becomes the next target – usually it ignores the 50% when this happens;
• What’s more, the 61.8% coincides with the Earnings Gap (blue square) at $146, making this area a very interesting target to work with;
• In order to avoid such a bearish scenario, TSLA would have to react as soon as possible, and break its key resistance area around $187;
• The $187 is the neckline of the H&S chart pattern that TSLA triggered last week, and it is very close to the 21 ema as well;
• I’ll keep you updated on this.
Remember to follow me to keep in touch with my daily analysis!
• The key support is the 38.2% Fibonacci’s Retracement again. Most of the time, when TSLA loses the 38.2% retracement after bouncing above it for a while (like in this case), the 61.8% retracement becomes the next target – usually it ignores the 50% when this happens;
• What’s more, the 61.8% coincides with the Earnings Gap (blue square) at $146, making this area a very interesting target to work with;
• In order to avoid such a bearish scenario, TSLA would have to react as soon as possible, and break its key resistance area around $187;
• The $187 is the neckline of the H&S chart pattern that TSLA triggered last week, and it is very close to the 21 ema as well;
• I’ll keep you updated on this.
Remember to follow me to keep in touch with my daily analysis!
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