TSLA: A nice REVERSAL CHART PATTERN!
Hello traders and investors! For the surprise of no one here, TSLA is going up today, triggering an important bullish pattern that could reverse the trend. Let’s see what’s going on.
First, in the 1h chart, TSLA did a sideways correction, just to form a Bullish Pennant chart pattern, a powerful pattern that usually reverses the trend when triggered.
Bullish Pennant triggered. Breakout of a pivot point at $ 819.49. Trading above the 21 ema, which is pointing up now. All of this indicates a bull trend. What’s the target? As I already mentioned in my analysis on Feb 23, the $ 920 – I didn’t change it since then.
The main challenge here is the 21 ema in the daily chart, as I don’t see TSLA breaking it that easily. However, pullbacks are expected, and we must not panic when we see them occurring. The problem is that TSLA must not do any bearish structure after this; otherwise, the market may understand this pullback as the beginning of a Dead Cat Bounce.
Whether this will be a DCB or not doesn't matter, as the only thing that truly matters is to react properly to the signs. I’ll keep you guys updated on this every day, so remember to follow me to not miss any of my future analyses!
First, in the 1h chart, TSLA did a sideways correction, just to form a Bullish Pennant chart pattern, a powerful pattern that usually reverses the trend when triggered.
Bullish Pennant triggered. Breakout of a pivot point at $ 819.49. Trading above the 21 ema, which is pointing up now. All of this indicates a bull trend. What’s the target? As I already mentioned in my analysis on Feb 23, the $ 920 – I didn’t change it since then.
The main challenge here is the 21 ema in the daily chart, as I don’t see TSLA breaking it that easily. However, pullbacks are expected, and we must not panic when we see them occurring. The problem is that TSLA must not do any bearish structure after this; otherwise, the market may understand this pullback as the beginning of a Dead Cat Bounce.
Whether this will be a DCB or not doesn't matter, as the only thing that truly matters is to react properly to the signs. I’ll keep you guys updated on this every day, so remember to follow me to not miss any of my future analyses!
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