TSLA: Important points to keep in mind!
Hello traders and investors! Let’s do our complete Multi Time Frame Analysis (MTFA) on Tesla today and try to figure out what to expect next.
First, Tesla is trading near a support level, which is the blue line, but it seems we have another bottom at the black line. There’s a trendline connecting the tops, that works as a resistance, and if Tesla defeats it, we will have a target around $ 398 (pink line, previous top).
Also, if Tesla trades above the pink line again, it will trigger a pivot point that could change the bearish bias in the short-term.
So far, the trend is still bearish, and we have a busted Island Reversal chart pattern, which is quite frustrating for the bulls. Now let’s see the daily chart for more clues:
Tesla filled its gap around $ 372, and now it is trading under this level again, showing that the stock lacks strength to do a proper movement.
The 21 ema is working as a strong resistance, but we have the purple line at $ 359, which was a previous resistance, and now is working as a support. So, Tesla is in the middle of this trap zone, between its resistance and support. Who’s going to win? Only time will tell.
Either way, be aware of the pink line at $ 329, because if Tesla loses it, it will trigger a pivot point that could lead the price down to the red line at $ 273, which is the previous support. The gap near this support at $ 284 will help to drag Tesla down, as gaps work as magnets for the price.
Now, since it’s Friday, let’s finish our study by looking at the weekly chart:
The good news is that we are still above the purple line, and at least the candlestick is positive. The bad news is that we dropped 12% since last week and we are still too far from the 21 ema.
The red line at $ 273 is close to the 21 ema in the weekly chart, which reinforces my view that this region is a strong support in case of a pullback.
These are the most important points to keep in mind on Tesla, and if you liked this analysis, please, support it! And follow me to keep in touch with my analyses! Every day, I’ll share a few thoughts with you, and I’m sure you’ll find something useful.
Have a great weekend.
First, Tesla is trading near a support level, which is the blue line, but it seems we have another bottom at the black line. There’s a trendline connecting the tops, that works as a resistance, and if Tesla defeats it, we will have a target around $ 398 (pink line, previous top).
Also, if Tesla trades above the pink line again, it will trigger a pivot point that could change the bearish bias in the short-term.
So far, the trend is still bearish, and we have a busted Island Reversal chart pattern, which is quite frustrating for the bulls. Now let’s see the daily chart for more clues:
Tesla filled its gap around $ 372, and now it is trading under this level again, showing that the stock lacks strength to do a proper movement.
The 21 ema is working as a strong resistance, but we have the purple line at $ 359, which was a previous resistance, and now is working as a support. So, Tesla is in the middle of this trap zone, between its resistance and support. Who’s going to win? Only time will tell.
Either way, be aware of the pink line at $ 329, because if Tesla loses it, it will trigger a pivot point that could lead the price down to the red line at $ 273, which is the previous support. The gap near this support at $ 284 will help to drag Tesla down, as gaps work as magnets for the price.
Now, since it’s Friday, let’s finish our study by looking at the weekly chart:
The good news is that we are still above the purple line, and at least the candlestick is positive. The bad news is that we dropped 12% since last week and we are still too far from the 21 ema.
The red line at $ 273 is close to the 21 ema in the weekly chart, which reinforces my view that this region is a strong support in case of a pullback.
These are the most important points to keep in mind on Tesla, and if you liked this analysis, please, support it! And follow me to keep in touch with my analyses! Every day, I’ll share a few thoughts with you, and I’m sure you’ll find something useful.
Have a great weekend.
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