TSLA: Some Pivot Points to guide you!
Hello traders and investors! Tesla is dropping again, but would this be the beginning of a further drop, or would be just a pullback to gather strength and then, resume the bullish momentum? Let’s see.
Tesla is testing again its supports, and we can trace a purple trendline on the chart, which connects the previous bottoms. The red lines are pivot points, and it is too soon to say to which side we are going to see a breakout.
Either way, an upwards breakout would lead TSLA to its All Time High, at $ 502.20. If it loses the lower red line, then Tesla will seek further supports. The blue line at $ 398 is the first target, and the pink line at $ 329.88 is the last target for this pivot.
Now, let’s see the daily chart:
Here we see that Tesla just filled this gap, so it is not a Runaway Gap, and it is just a Common Gap, at least for now. If Tesla loses the $ 408, the market might understand that this is an Exhaustion Gap, and again, the $ 329 is the natural target for the stock.
On the bright side, it is still above the 21 ema, and this would be another support, and as long Tesla trades above it, the trend will remain bullish.
Let’s see which pivot point will be triggered next, and if you liked this analysis, please, support it! And follow me to keep in touch with my daily studies, I’m sure you’ll find something useful around.
Stay safe.
Tesla is testing again its supports, and we can trace a purple trendline on the chart, which connects the previous bottoms. The red lines are pivot points, and it is too soon to say to which side we are going to see a breakout.
Either way, an upwards breakout would lead TSLA to its All Time High, at $ 502.20. If it loses the lower red line, then Tesla will seek further supports. The blue line at $ 398 is the first target, and the pink line at $ 329.88 is the last target for this pivot.
Now, let’s see the daily chart:
Here we see that Tesla just filled this gap, so it is not a Runaway Gap, and it is just a Common Gap, at least for now. If Tesla loses the $ 408, the market might understand that this is an Exhaustion Gap, and again, the $ 329 is the natural target for the stock.
On the bright side, it is still above the 21 ema, and this would be another support, and as long Tesla trades above it, the trend will remain bullish.
Let’s see which pivot point will be triggered next, and if you liked this analysis, please, support it! And follow me to keep in touch with my daily studies, I’m sure you’ll find something useful around.
Stay safe.
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