TSLA: Another Target Hit. Be careful now.
• Today TSLA hit our technical target at $177.65, successfully filling the previous gap;
• Now, it seems it is starting to lose momentum, but it is too soon to tell if we’ll trigger a top signal around this resistance (like a Shooting Star pattern, or maybe a Gravestone Doji?);
• If yes, then a pullback is likely to happen, but as long as TSLA remains above its 21 ema, the main bias will remain bullish;
• On the weekly chart, it is easy to see why it is losing momentum, as we just reached the 21 ema;
• The 21 ema on the weekly chart is always a secondary key point to me, and I always prefer to work with support/resistance lines seen on the price, but sometimes this indicator reinforces our reading;
• It would be important to see TSLA closing above $177.65 today, in order to improve the chances of a bullish continuation. Again, it all depends on today’s close.
I’ll keep you updated on this. Remember to follow me to keep in touch with my daily analysis.
• Now, it seems it is starting to lose momentum, but it is too soon to tell if we’ll trigger a top signal around this resistance (like a Shooting Star pattern, or maybe a Gravestone Doji?);
• If yes, then a pullback is likely to happen, but as long as TSLA remains above its 21 ema, the main bias will remain bullish;
• On the weekly chart, it is easy to see why it is losing momentum, as we just reached the 21 ema;
• The 21 ema on the weekly chart is always a secondary key point to me, and I always prefer to work with support/resistance lines seen on the price, but sometimes this indicator reinforces our reading;
• It would be important to see TSLA closing above $177.65 today, in order to improve the chances of a bullish continuation. Again, it all depends on today’s close.
I’ll keep you updated on this. Remember to follow me to keep in touch with my daily analysis.
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