TSLA: Next steps!
Hello traders and investors! Tesla is still inside a consolidation, but is there anything else we can do right now? Let’s see.
Recently, Tesla lost the support at $ 415 (red line), but the movement was just a quick reaction to fill the gap at $ 407 (blue area). Remember, gaps work as magnets, and the price found a support there.
The 21 ema is flat, and only if Tesla defeats the resistance at $ 433.60, we will see something new. This could easily lead Tesla to the $ 461.88.
Let’s see the daily chart for more clues:
The stock is trading in the highest part of this Triangle chart pattern, and this is quite annoying because it ruins the pattern without a good breakout.
Now, the 21 ema is holding the price, but we must consider that since it is flat, it loses a good part of its reliability. Today’s movement is clearly bullish, but again, this is not about Tesla, as it has been following the Nasdaq Composite.
What bugs me is the volume. The black candlesticks have a higher volume than the white ones in the past few days. Also, it is quite low, and below the average. If Tesla is going to react, we need more volume, as it is the fuel to a trend.
The $ 360 zone is a target in case of a pullback, that would occur if Tesla loses the 21 ema and its supports in the hourly chart. It doesn’t mean the trend is going to change, it means we are going to see a sharper pullback.
Let’s see how Tesla will behave next, and if you liked this analysis, please, support it! And follow me to keep in touch with my daily studies!
Trade well!
Recently, Tesla lost the support at $ 415 (red line), but the movement was just a quick reaction to fill the gap at $ 407 (blue area). Remember, gaps work as magnets, and the price found a support there.
The 21 ema is flat, and only if Tesla defeats the resistance at $ 433.60, we will see something new. This could easily lead Tesla to the $ 461.88.
Let’s see the daily chart for more clues:
The stock is trading in the highest part of this Triangle chart pattern, and this is quite annoying because it ruins the pattern without a good breakout.
Now, the 21 ema is holding the price, but we must consider that since it is flat, it loses a good part of its reliability. Today’s movement is clearly bullish, but again, this is not about Tesla, as it has been following the Nasdaq Composite.
What bugs me is the volume. The black candlesticks have a higher volume than the white ones in the past few days. Also, it is quite low, and below the average. If Tesla is going to react, we need more volume, as it is the fuel to a trend.
The $ 360 zone is a target in case of a pullback, that would occur if Tesla loses the 21 ema and its supports in the hourly chart. It doesn’t mean the trend is going to change, it means we are going to see a sharper pullback.
Let’s see how Tesla will behave next, and if you liked this analysis, please, support it! And follow me to keep in touch with my daily studies!
Trade well!
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