TSLA: This is Why it Can Explode (Even More).
• TSLA just reached another resistance level, after breaking its previous resistance at $177, as mentioned on my previous public analysis (link below this post);
• Although it just hit another resistance level at $191, there’s no top signal, nor bearish reversal structure on TSLA yet. Even if we see TSLA dropping, the trend would still remain bullish – remember, pullbacks are different than reversals;
• This happens because the trend is still bullish, as TSLA stock is doing higher highs/lows since April 27, and it is clearly above the 21 ema now;
• Any pullback to the $177 area again wouldn’t be the end of the world. In fact, when the trend is bullish, any bullish reaction around a support level must be considered an opportunity to buy/add positions;
• On the weekly chart, TSLA is on the verge of triggering a Flag chart pattern. This pattern wasn’t triggered yet, but if we see an upwards breakout, then we’ll see a long-term bullish reversal pattern getting triggered for the first time since 2021;
• If triggered, this Bullish Flag could easily take TSLA above the $300, long-term speaking;
• TSLA is almost hitting the upper trend line, which is another technical resistance level.
• Therefore, it all depends on how TSLA will react now that it reached its resistance levels, mid-term speaking. So far, no top signal around, and TSLA looks very promising. Let’s keep our eyes open.
I’ll keep you updated on this. Remember to follow me to keep in touch with my daily analysis.
• Although it just hit another resistance level at $191, there’s no top signal, nor bearish reversal structure on TSLA yet. Even if we see TSLA dropping, the trend would still remain bullish – remember, pullbacks are different than reversals;
• This happens because the trend is still bullish, as TSLA stock is doing higher highs/lows since April 27, and it is clearly above the 21 ema now;
• Any pullback to the $177 area again wouldn’t be the end of the world. In fact, when the trend is bullish, any bullish reaction around a support level must be considered an opportunity to buy/add positions;
• On the weekly chart, TSLA is on the verge of triggering a Flag chart pattern. This pattern wasn’t triggered yet, but if we see an upwards breakout, then we’ll see a long-term bullish reversal pattern getting triggered for the first time since 2021;
• If triggered, this Bullish Flag could easily take TSLA above the $300, long-term speaking;
• TSLA is almost hitting the upper trend line, which is another technical resistance level.
• Therefore, it all depends on how TSLA will react now that it reached its resistance levels, mid-term speaking. So far, no top signal around, and TSLA looks very promising. Let’s keep our eyes open.
I’ll keep you updated on this. Remember to follow me to keep in touch with my daily analysis.
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