TSLA Indecision, Long term outlook!!!
TSLA still remains in the longterm bullish uptrend, but the bears are fighting for the reversal! For the time being, indication of price action clues in on the channel from $244.59-$387.46 price range.
Bearish Sentiment:
Although the RSI shows somewhat a bullish weekly Divergence, the indication is not decisive for a bullish position. Price is currently in a short term bearish downtrend in the horizontal channel. I break below $242 will increase an opportunity to enter a short position to the .618 Fibonacci level at $166.
Bullish Outlook:
As the price continues to consolidate in this channel, the overall outlook remains bullish for TSLA. Further analysis depicts a bullish ascending triangle, so a break above $387.46 will confirm a bullish continuation of price.
For the short term time being, probability favors the bears. Keep an eye on the probable break below $242, as this will be a break down of price towards a trend reversal. A bounce off of the lower channel support is opportunity to to favor price direction. If price continues up (short term) key resistance will be met at the 100 EMA ($314), which will continue to push TSLA down. The battle is on, but the war is far from won.
Please like, comment and share if you enjoy the technical analysis. This is by no means advice on buying or selling, it is only meant to give a longer term perspective on probable opportunities.
Cheers, and happy trading :0)
Bearish Sentiment:
Although the RSI shows somewhat a bullish weekly Divergence, the indication is not decisive for a bullish position. Price is currently in a short term bearish downtrend in the horizontal channel. I break below $242 will increase an opportunity to enter a short position to the .618 Fibonacci level at $166.
Bullish Outlook:
As the price continues to consolidate in this channel, the overall outlook remains bullish for TSLA. Further analysis depicts a bullish ascending triangle, so a break above $387.46 will confirm a bullish continuation of price.
For the short term time being, probability favors the bears. Keep an eye on the probable break below $242, as this will be a break down of price towards a trend reversal. A bounce off of the lower channel support is opportunity to to favor price direction. If price continues up (short term) key resistance will be met at the 100 EMA ($314), which will continue to push TSLA down. The battle is on, but the war is far from won.
Please like, comment and share if you enjoy the technical analysis. This is by no means advice on buying or selling, it is only meant to give a longer term perspective on probable opportunities.
Cheers, and happy trading :0)
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