TSLA: Next supports/resistances to know! - Complete analysis.
Hello traders and investors! Let’s see how TSLA is closing this week!
First, in the 1h chart, it dropped sharply after it lost our support level at $ 878 (gap). Now, we must update our key points.
Yes, TSLA lost yesterday’s support, however, it is a good thing that it stopped dropping after it filled our gap at $ 847. This indicates to us that this is another important price level for TSLA, and it won’t be easy for it to lose this point. Since TSLA dropped sharply from its previous top, a pullback to the 21 ema is expected now that we reacted at our support.
In the daily chart, we see that the $ 847 is very close to the 61.8% retracement in the daily chart, which reinforces our idea that TSLA found a bottom (at least for now).
The volume is still low, and despite the good reaction in the 1h chart, we don’t have any bullish confirmation in the daily chart. Of course, the 1h chart will always be the first one to react, and this could be the beginning of a bounce back up to their next resistances, but I would like to see confirmation in the daily chart too.
What are the next resistances? The $ 878 is our immediate resistance in the 1h chart. What if TSLA loses the $ 847 again? Then the next support is the $ 814. Either way, we must wait for confirmation next Tuesday.
Personally, I would be very happy to buy TSLA if it reacts, as it seems I would be buying near a support level in the weekly chart:
It seems the problem in TSLA, as you can see this on the daily and weekly charts, is the low volume. This is a problem and a good sign at the same time, to be honest. It is problematic because we must wait for the volume to increase again in order to see a new good movement.
It is a good thing because TSLA is dropping because the market is just afraid. Investors don’t want to buy high-growth stocks in the current scenario, and this makes stocks like TSLA weak and vulnerable. If it was dropping due to true sell pressure, that would be a real problem. Nevertheless, it seems no one wants to short TSLA now, probably because we are near support levels, and it is too late for that – a good sell was at $ 1,200, not at $ 800.
We must watch TSLA carefully, and I’ll keep you guys updated every day on this, so remember to follow me to keep in touch with my analyses.
First, in the 1h chart, it dropped sharply after it lost our support level at $ 878 (gap). Now, we must update our key points.
Yes, TSLA lost yesterday’s support, however, it is a good thing that it stopped dropping after it filled our gap at $ 847. This indicates to us that this is another important price level for TSLA, and it won’t be easy for it to lose this point. Since TSLA dropped sharply from its previous top, a pullback to the 21 ema is expected now that we reacted at our support.
In the daily chart, we see that the $ 847 is very close to the 61.8% retracement in the daily chart, which reinforces our idea that TSLA found a bottom (at least for now).
The volume is still low, and despite the good reaction in the 1h chart, we don’t have any bullish confirmation in the daily chart. Of course, the 1h chart will always be the first one to react, and this could be the beginning of a bounce back up to their next resistances, but I would like to see confirmation in the daily chart too.
What are the next resistances? The $ 878 is our immediate resistance in the 1h chart. What if TSLA loses the $ 847 again? Then the next support is the $ 814. Either way, we must wait for confirmation next Tuesday.
Personally, I would be very happy to buy TSLA if it reacts, as it seems I would be buying near a support level in the weekly chart:
It seems the problem in TSLA, as you can see this on the daily and weekly charts, is the low volume. This is a problem and a good sign at the same time, to be honest. It is problematic because we must wait for the volume to increase again in order to see a new good movement.
It is a good thing because TSLA is dropping because the market is just afraid. Investors don’t want to buy high-growth stocks in the current scenario, and this makes stocks like TSLA weak and vulnerable. If it was dropping due to true sell pressure, that would be a real problem. Nevertheless, it seems no one wants to short TSLA now, probably because we are near support levels, and it is too late for that – a good sell was at $ 1,200, not at $ 800.
We must watch TSLA carefully, and I’ll keep you guys updated every day on this, so remember to follow me to keep in touch with my analyses.
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