TSLA: Ascending Triangle! How to proceed?
• TSLA is doing an Ascending Triangle chart pattern in the 1h chart. In theory, it should do an upwards breakout, but this is not a rule;
• The purple trend line is the key support, which coincides with the 21 ema, making it a key support level for TSLA in the short-term;
• If TSLA loses this support level, then it’ll probably seek the next support level around $270 - $265;
• However, by breaking the $288, which is a key resistance, as TSLA retested this level multiple times in the past couple of days and it is the gal level from Sep 22, TSLA will trigger a reversal;
• A bullish reversal would take it to the $313, the next resistance;
• For now, we must wait for more confirmation, but it seems the situation is under control, regardless of what happens next.
•
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• The purple trend line is the key support, which coincides with the 21 ema, making it a key support level for TSLA in the short-term;
• If TSLA loses this support level, then it’ll probably seek the next support level around $270 - $265;
• However, by breaking the $288, which is a key resistance, as TSLA retested this level multiple times in the past couple of days and it is the gal level from Sep 22, TSLA will trigger a reversal;
• A bullish reversal would take it to the $313, the next resistance;
• For now, we must wait for more confirmation, but it seems the situation is under control, regardless of what happens next.
•
Remember to follow me for more analysis like this! Keep in touch.
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