TSLA: Trapped in a "No Man's Land".
• TSLA is stabilizing today, after Friday’s bullish reaction;
• Since TSLA failed in breaking the $214, and it did a top sign last week, it is just showing signs of weakness, however, the bias is still bullish;
• The trend is still bullish as TSLA have yet to trigger a lower high/low pattern and it is still above the 21 ema;
• The fact it did a double top at $214 might indicate a possible Double Top chart pattern, which is a bearish reversal structure, but TSLA didn’t trigger this pattern yet – it has to lose the $187 in order to technically trigger this Double Top;
• Either way, it seems TSLA would have to break the $214 in order to resume the bull trend. For now, it seems this is just a sideways correction, trapped in a "no man's land", between its key resistance at $214, and its multiple support levels like the $187 or the 21 ema.
• I’ll keep you updated every day on this.
Remember to follow me to keep in touch with my daily analyses!
• Since TSLA failed in breaking the $214, and it did a top sign last week, it is just showing signs of weakness, however, the bias is still bullish;
• The trend is still bullish as TSLA have yet to trigger a lower high/low pattern and it is still above the 21 ema;
• The fact it did a double top at $214 might indicate a possible Double Top chart pattern, which is a bearish reversal structure, but TSLA didn’t trigger this pattern yet – it has to lose the $187 in order to technically trigger this Double Top;
• Either way, it seems TSLA would have to break the $214 in order to resume the bull trend. For now, it seems this is just a sideways correction, trapped in a "no man's land", between its key resistance at $214, and its multiple support levels like the $187 or the 21 ema.
• I’ll keep you updated every day on this.
Remember to follow me to keep in touch with my daily analyses!
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