TSLA: Pay attention to these KEY POINTS!
Hello traders and investors! Let’s see how TSLA is doing today!
First, since it did a false breakout from our purple line at $ 635, TSLA is very bullish. It broke the 21 ema, and it broke the resistance at $ 700 (black line). Now, both the 21 ema and the line at $ 700 are support levels (remember the Principle of Polarity in Technical Analysis).
Tesla is supposed to remain bullish, as long as it stays above these support levels. If we lose them, we’ll probably seek the $ 635 line again, filling the last gap (blue square) on its way.
If TSLA remains bullish in the 1h chart, it is easy to see it retesting the $ 800 area; the problem is that it is still very bearish in the daily chart. The 21 ema is working as a strong resistance, and TSLA must break it in order to do something interesting.
Despite the bullish movement in the 1h chart, it is too soon to tell if this could reverse in the daily chart right now. A bounce back up to the $ 800 would be nice, but I would still be skeptical about it, as long as we don’t do any clear bullish structure.
I’ll keep you guys updated, so remember to follow me to keep in touch with my daily analyses!
First, since it did a false breakout from our purple line at $ 635, TSLA is very bullish. It broke the 21 ema, and it broke the resistance at $ 700 (black line). Now, both the 21 ema and the line at $ 700 are support levels (remember the Principle of Polarity in Technical Analysis).
Tesla is supposed to remain bullish, as long as it stays above these support levels. If we lose them, we’ll probably seek the $ 635 line again, filling the last gap (blue square) on its way.
If TSLA remains bullish in the 1h chart, it is easy to see it retesting the $ 800 area; the problem is that it is still very bearish in the daily chart. The 21 ema is working as a strong resistance, and TSLA must break it in order to do something interesting.
Despite the bullish movement in the 1h chart, it is too soon to tell if this could reverse in the daily chart right now. A bounce back up to the $ 800 would be nice, but I would still be skeptical about it, as long as we don’t do any clear bullish structure.
I’ll keep you guys updated, so remember to follow me to keep in touch with my daily analyses!
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