TeslaLong
Tesla with a inverted H&S
There are a lot of uncertainty in the markets these days. But if we can break out of the current range, then we could see the head and shoulders pattern play out.
The first target would be to hit new all time highs and thereafter the full target of the H&S.
But first we need a breakout on increased volume and possibly a retest of the neckline and/or the trendline.
The first target would be to hit new all time highs and thereafter the full target of the H&S.
But first we need a breakout on increased volume and possibly a retest of the neckline and/or the trendline.
Note
There has been a clear rejection at the trendline, indicating that this setup is not yet active, though it has not been invalidated. Currently, the price has returned to the value area of the range. If this movement is sustained, we could potentially see a retracement back to the point of control, around the 184 level, and potentially all the way down to 160 zone.
Note
Following a pullback, the price has returned to the neckline of the head and shoulders pattern, which remains valid. We have moved slightly above the trendline after strong third-quarter results.
It will be important to see if Tesla (
TSLA) can now build momentum, with the initial target being its all-time high (ATH), followed by the $500 level.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.