TESLA Major bullish break-out above July's Lower Highs.
Tesla (TSLA) broke today for the first time and even closed the 1D candle above the Lower Highs that started on the July 19 High. After 4 months of the bearish trend of this Falling Wedge pattern, today's move is a major bullish break-out for the long term as it opens the way for testing the All Time High (ATH) by mid 2024.
At the same time, the 1D CCI broke above its Lower Highs trend-line, which is always a bullish signal. Also this is the 2nd time that the 0.786 Fibonacci retracement level is tested, which is where both of the previous Lower Highs rejections took place.
On the short-term though we can follow the (dotted) Channel Up extension which after holding the 1D MA50 (blue trend-line) - 1D MA200 (orange trend-line) as the Support zone, can technically peak on a +19.80% rise, like the first bullish leg. That falls within the Resistance 1 - Resistance 2 zone. We will pursue the more modest target of 268.85 (Resistance 1). If the price then breaks above Resistance 2 (279.00), we will re-buy and target 299.50 (Resistance 3).
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At the same time, the 1D CCI broke above its Lower Highs trend-line, which is always a bullish signal. Also this is the 2nd time that the 0.786 Fibonacci retracement level is tested, which is where both of the previous Lower Highs rejections took place.
On the short-term though we can follow the (dotted) Channel Up extension which after holding the 1D MA50 (blue trend-line) - 1D MA200 (orange trend-line) as the Support zone, can technically peak on a +19.80% rise, like the first bullish leg. That falls within the Resistance 1 - Resistance 2 zone. We will pursue the more modest target of 268.85 (Resistance 1). If the price then breaks above Resistance 2 (279.00), we will re-buy and target 299.50 (Resistance 3).
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** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! This is best way to keep it relevant, support us, keep the content here free and allow the idea to reach as many people as possible. **
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