TSLA: Will the bull trend resume?
Hello traders and investors! Tesla is doing some interesting patterns around, let’s see how to proceed and what are the most important points to keep in mind.
First, Tesla just hit the target we set on Friday, at $ 398, after it defeats the trendline. What’s more, Tesla triggered the pivot point at $ 398.80 (pink line), and now it is officially engaged in a short-term bull trend, as we talked about in our last analysis, which you can check in the link below.
Now, the pink line, which was a previous support, will work as a support, according to the Principle of Polarity in Technical Analysis.
In the post market, Tesla closed at the black line region, which is a previous resistance. If defeated, it could lead the price to the previous All Time High around $ 500. But we can’t discard the possibility of a pullback to the pink line or to the 21 ema, as this would be perfectly natural and expected for the Tesla.
Now, let’s see the daily chart:
Tesla is trading again above the 21 ema, which is bull territory. Today’s candlestick is very good, but the volume is still under the average.
It seems the support around the purple line is very strong, and the price bounced strongly after it hit it.
But the most interesting point to keep in mind is that Tesla is not in the Trap Zone anymore, between the 21 ema and the previous support. This is a relief for the bulls, but Tesla shall not trade below the pink line in the hourly chart again, because this would frustrate the bullish momentum, and could lead to a further pullback.
At least in the short-term, the trend is bullish again, and these are the most important points to keep in mind now. And if you read this far, consider supporting this idea! And follow me for more analyses. Every day, I’ll share some thoughts with you, and I hope you’ll find some useful information around.
Trade well, and stay safe.
First, Tesla just hit the target we set on Friday, at $ 398, after it defeats the trendline. What’s more, Tesla triggered the pivot point at $ 398.80 (pink line), and now it is officially engaged in a short-term bull trend, as we talked about in our last analysis, which you can check in the link below.
Now, the pink line, which was a previous support, will work as a support, according to the Principle of Polarity in Technical Analysis.
In the post market, Tesla closed at the black line region, which is a previous resistance. If defeated, it could lead the price to the previous All Time High around $ 500. But we can’t discard the possibility of a pullback to the pink line or to the 21 ema, as this would be perfectly natural and expected for the Tesla.
Now, let’s see the daily chart:
Tesla is trading again above the 21 ema, which is bull territory. Today’s candlestick is very good, but the volume is still under the average.
It seems the support around the purple line is very strong, and the price bounced strongly after it hit it.
But the most interesting point to keep in mind is that Tesla is not in the Trap Zone anymore, between the 21 ema and the previous support. This is a relief for the bulls, but Tesla shall not trade below the pink line in the hourly chart again, because this would frustrate the bullish momentum, and could lead to a further pullback.
At least in the short-term, the trend is bullish again, and these are the most important points to keep in mind now. And if you read this far, consider supporting this idea! And follow me for more analyses. Every day, I’ll share some thoughts with you, and I hope you’ll find some useful information around.
Trade well, and stay safe.
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