TSLA: Breaking Important Resistances.
• TSLA broke its main resistance at $187, and it hit its next resistance at $200. As we discussed in our previous studies, the $187 was our key point, and seeing TSLA breaking it is a powerful sign (the link to my previous analysis is below this post, as usual);
• The $187 (red line) was the neckline of an H&S chart pattern, and it was very close to the 21 ema, making this a dual-resistance area. By breaking this area, TSLA is giving us strong signs that it wants to reverse the bearish sentiment;
• It seems TSLA is losing momentum this morning, but since it just hit another resistance at $200, that’s expected. In theory, the $187 area (previous dual-resistance) is supposed to work as a support if TSLA corrects from here;
• What’s more, the $187 area seen in the daily chart is close to a very important key point in the 1h chart:
• In the 1h chart, we see that TSLA broke its resistance at $186 (red line), and immediately jumped to the $200;
• The price is way above the 21 ema, which is pointing up, and now it is doing higher highs/lows, meaning, the bias is bullish (short-term);
• Only if TSLA loses the $187 - $186 area we would see it rejecting the bullish thesis. A pullback is plausible, but it must not drop below this point;
• If TSLA breaks the $200 in the next few days we might see it retesting its next resistance area, around $211;
• The bias is bullish for now, but let’s pay attention to how it’ll react near the $200 resistance. Probably the volatility will increase due to the FED, but these are the key points we should watch from here. I’ll keep you updated.
Remember to follow me to keep in touch with my daily analysis!
• The $187 (red line) was the neckline of an H&S chart pattern, and it was very close to the 21 ema, making this a dual-resistance area. By breaking this area, TSLA is giving us strong signs that it wants to reverse the bearish sentiment;
• It seems TSLA is losing momentum this morning, but since it just hit another resistance at $200, that’s expected. In theory, the $187 area (previous dual-resistance) is supposed to work as a support if TSLA corrects from here;
• What’s more, the $187 area seen in the daily chart is close to a very important key point in the 1h chart:
• In the 1h chart, we see that TSLA broke its resistance at $186 (red line), and immediately jumped to the $200;
• The price is way above the 21 ema, which is pointing up, and now it is doing higher highs/lows, meaning, the bias is bullish (short-term);
• Only if TSLA loses the $187 - $186 area we would see it rejecting the bullish thesis. A pullback is plausible, but it must not drop below this point;
• If TSLA breaks the $200 in the next few days we might see it retesting its next resistance area, around $211;
• The bias is bullish for now, but let’s pay attention to how it’ll react near the $200 resistance. Probably the volatility will increase due to the FED, but these are the key points we should watch from here. I’ll keep you updated.
Remember to follow me to keep in touch with my daily analysis!
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