TSLA: Is the bull trend back?
Hello traders and investors! Let’s see what’s going on with Tesla now!
As we discussed last week, Tesla is now in bull territory, as it is trading above the $ 408 again (red line). The false breakout didn’t occur, and the idea of a Dead Cat Bounce is off the table, at least in the short-term.
Now, the momentum is bullish, and as long it keeps doing higher highs/lows, the situation is fine in the hourly chart, and the $ 461 is the natural target for this movement. Also, it is important to stress that the $ 408, along with the 21 ema, are now supports for Tesla.
Let’s look at the daily chart:
Today’s movement is not exclusive to Tesla, as Nasdaq Composite, S&P500 and DJIA are all going up nicely today. And it seems Tesla is following the NDX, since it lacks other drivers to move the stock’s price.
The bulls lost a lot of their strength if we aim for the mid-term, and this could make things complicate for Tesla’s stocks. Therefore, the hourly chart is a better guide right now.
Either way, Tesla is trading above the 21 ema again, and it seems we have an Island Reversal chart pattern here. Also, if you liked this idea, please, support it! And follow me to keep in touch with my daily analyses.
Let’s keep monitoring Tesla! It seems the market is moving erratically, and we must be careful in such complex situation.
Have a great Monday.
As we discussed last week, Tesla is now in bull territory, as it is trading above the $ 408 again (red line). The false breakout didn’t occur, and the idea of a Dead Cat Bounce is off the table, at least in the short-term.
Now, the momentum is bullish, and as long it keeps doing higher highs/lows, the situation is fine in the hourly chart, and the $ 461 is the natural target for this movement. Also, it is important to stress that the $ 408, along with the 21 ema, are now supports for Tesla.
Let’s look at the daily chart:
Today’s movement is not exclusive to Tesla, as Nasdaq Composite, S&P500 and DJIA are all going up nicely today. And it seems Tesla is following the NDX, since it lacks other drivers to move the stock’s price.
The bulls lost a lot of their strength if we aim for the mid-term, and this could make things complicate for Tesla’s stocks. Therefore, the hourly chart is a better guide right now.
Either way, Tesla is trading above the 21 ema again, and it seems we have an Island Reversal chart pattern here. Also, if you liked this idea, please, support it! And follow me to keep in touch with my daily analyses.
Let’s keep monitoring Tesla! It seems the market is moving erratically, and we must be careful in such complex situation.
Have a great Monday.
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