TSLA: Crashing today! Next key points to watch from here.
Hello traders and investors! Let’s see how TSLA is doing today!
We lost the support at the gap area around $ 687, and today we lost yesterday’s low, a sign of weakness. What’s more, TSLA triggered a bearish pivot point in the 1h chart, indicating a bearish reversal sign for the short-term.
This bearish momentum might last for a while, and as long as we don’t see any clear reversal sign, TSLA will just seek its next support level.
However, it is interesting to notice that TSLA did two gaps, as evidenced by the yellow squares. Both gaps are Breakaway Gaps, and this movement reminds me of PLTR. Just check PLTR’s chart below:
I see TSLA doing a similar movement PLTR did a few weeks ago. Since TSLA has many support levels to work with, it still has good chances of filling at least the last the last Breakaway Gap in the next few days/weeks. Nevertheless, this doesn’t mean TSLA won’t drop. As I said, we have no bullish reaction so far, and the area between $ 627 - $ 621 is the next support level for us to work with.
In the daily chart, we see why the $ 627 - $ 621 is a good support level for us, as it was previous support. What’s more, TSLA failed in reacting around the 21 ema, and this ruined the bullish bias. On the bright side, we lack bearish structure in the daily chart, meaning that this is more like a crash, rather than actually a sell-off.
Yes, TSLA has more room to drop in the short-term, but if it does a good reaction quickly, it might be a good opportunity.
If you liked this analysis, remember to follow me to keep in touch with my daily updates.
Have a good day.
We lost the support at the gap area around $ 687, and today we lost yesterday’s low, a sign of weakness. What’s more, TSLA triggered a bearish pivot point in the 1h chart, indicating a bearish reversal sign for the short-term.
This bearish momentum might last for a while, and as long as we don’t see any clear reversal sign, TSLA will just seek its next support level.
However, it is interesting to notice that TSLA did two gaps, as evidenced by the yellow squares. Both gaps are Breakaway Gaps, and this movement reminds me of PLTR. Just check PLTR’s chart below:
I see TSLA doing a similar movement PLTR did a few weeks ago. Since TSLA has many support levels to work with, it still has good chances of filling at least the last the last Breakaway Gap in the next few days/weeks. Nevertheless, this doesn’t mean TSLA won’t drop. As I said, we have no bullish reaction so far, and the area between $ 627 - $ 621 is the next support level for us to work with.
In the daily chart, we see why the $ 627 - $ 621 is a good support level for us, as it was previous support. What’s more, TSLA failed in reacting around the 21 ema, and this ruined the bullish bias. On the bright side, we lack bearish structure in the daily chart, meaning that this is more like a crash, rather than actually a sell-off.
Yes, TSLA has more room to drop in the short-term, but if it does a good reaction quickly, it might be a good opportunity.
If you liked this analysis, remember to follow me to keep in touch with my daily updates.
Have a good day.
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