Is Tesla Tired? Yes Sir!
Updated
Our friend TradeStation asked if Tesla (TSLA) is tired...
Looking at the chart above, we can easily say YES!
We have multiple bearish signals after the 1-Sept. All-Time High... Let's look at those:
What these signals are telling us is that "YES", Tesla is tired.
Namaste.
Looking at the chart above, we can easily say YES!
We have multiple bearish signals after the 1-Sept. All-Time High... Let's look at those:
- We have a lower high.
The peak 14-Oct. is lower than 1-Sept. - Decreasing daily trading volume.
This is also a bearish signal, especially when you consider all the easy money being printed worldwide. - Prices closed below EMA10 and EMA21.
346 is the first target/support (more targets on the chart). - The RSI moved below 50.
Remember that the RSI is still good above 40 but moving below 50 can still be considered a bearish signal as it is starting to trend lower. - Rising trendline broken.
Our rising trendline based on candle closure is now broken.
What these signals are telling us is that "YES", Tesla is tired.
Namaste.
Note
Continues aiming lower.
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