TSLA: Dead Cat Bounce.
• Yesterday, TSLA hit an important support level, the 38.2% Fibonacci’s Retracement;
• This is its first mid-term support level, and it seems TSLA wants to react this morning (pre market);
• Since TSLA just triggered an H&S chart pattern, a pullback to its resistances is likely to happen. As I said yesterday, according to Bulkowski, H&S patterns have 68% chances of a pullback - the link to my previous analysis is below this post, as usual;
• The next resistance levels on TSLA are the $187 (previous support) and the 21 ema;
• Any top sign under these resistances might indicate that TSLA will seek lower levels, maybe the next retracements;
• Could TSLA reverse this bearish bias? Yes, but it would need to break its resistances first. For now, let’s see how it reacts near the 38.2% retracement.
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• This is its first mid-term support level, and it seems TSLA wants to react this morning (pre market);
• Since TSLA just triggered an H&S chart pattern, a pullback to its resistances is likely to happen. As I said yesterday, according to Bulkowski, H&S patterns have 68% chances of a pullback - the link to my previous analysis is below this post, as usual;
• The next resistance levels on TSLA are the $187 (previous support) and the 21 ema;
• Any top sign under these resistances might indicate that TSLA will seek lower levels, maybe the next retracements;
• Could TSLA reverse this bearish bias? Yes, but it would need to break its resistances first. For now, let’s see how it reacts near the 38.2% retracement.
Remember to follow me to keep in touch with my daily analysis!
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