TSLA: Triggered a Very Powerful Bearish Reversal Pattern.
• TSLA lost its key support at $187, and it triggered a H&S chart pattern in the daily chart;
• In the 1h chart, it failed in breaking its resistances, and the bias is clearly bearish, as it is doing nothing but lower highs/lows;
• Even if TSLA does a bullish reaction, it would have to face multiple resistances, making a bullish thesis more unlikely;
• First, in the 1h chart, there are the 21 ema and the purple trend line connecting the previous tops;
• The $187 is a key point visible in both, 1h and D charts (it is the neckline of the H&S pattern in the daily chart);
• In the daily chart, there’s the 21 ema, which TSLA for the first time since January;
• In order to reject this bearish thesis, TSLA would have to do an amazing reaction, breaking all these resistances – so far, there’s no such reaction;
• Keep in mind that TSLA just triggered an H&S chart pattern in the daily chart, and a pullback to the next resistance area is plausible. According to Bulkowski, H&S patterns have a pullback ratio of 68% (Encyclopedia of Chart Patterns);
• I’ll keep you updated on this every day.
Remember to follow me to keep in touch with my daily analysis!
• In the 1h chart, it failed in breaking its resistances, and the bias is clearly bearish, as it is doing nothing but lower highs/lows;
• Even if TSLA does a bullish reaction, it would have to face multiple resistances, making a bullish thesis more unlikely;
• First, in the 1h chart, there are the 21 ema and the purple trend line connecting the previous tops;
• The $187 is a key point visible in both, 1h and D charts (it is the neckline of the H&S pattern in the daily chart);
• In the daily chart, there’s the 21 ema, which TSLA for the first time since January;
• In order to reject this bearish thesis, TSLA would have to do an amazing reaction, breaking all these resistances – so far, there’s no such reaction;
• Keep in mind that TSLA just triggered an H&S chart pattern in the daily chart, and a pullback to the next resistance area is plausible. According to Bulkowski, H&S patterns have a pullback ratio of 68% (Encyclopedia of Chart Patterns);
• I’ll keep you updated on this every day.
Remember to follow me to keep in touch with my daily analysis!
⚠️ Want to take your trading to the next level?
👉 Join the Finance Hydra VIP Mentorship - 6 weeks of mentoring with weekly meetings and ongoing support. Limited places available!
✅ Find out more and sign up: thefinancehydra.com/
👉 Join the Finance Hydra VIP Mentorship - 6 weeks of mentoring with weekly meetings and ongoing support. Limited places available!
✅ Find out more and sign up: thefinancehydra.com/
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.