Island reversal spotted on TSLA
From bullish to neutral by a pattern.
Price trapped between 1 gap up and 1 gap down like this is called an ISLAND REVERSAL. However that pattern is one of the most underperforming pattern (see : thepatternsite.com/islandrev.html ) so don't draw conclusion too fast. Stock can still be very bullish.
I'd carefully wait to fall below the daily EMA(65) before calling a bearish momentum on that stock. Time will tell, in a couple of days or weeks. Keep that in your radar.
Price trapped between 1 gap up and 1 gap down like this is called an ISLAND REVERSAL. However that pattern is one of the most underperforming pattern (see : thepatternsite.com/islandrev.html ) so don't draw conclusion too fast. Stock can still be very bullish.
I'd carefully wait to fall below the daily EMA(65) before calling a bearish momentum on that stock. Time will tell, in a couple of days or weeks. Keep that in your radar.
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