TSLA: Bloodbath after the Battery Day! Now what?Hello traders and investors! So, it seems the famous Battery Day was already priced after all. Now Tesla is dropping sharply, and this happens very often after hyped news in the stock market.
I always orient my group to not buy anything solely on news. It could work very well, yes, but sometimes it doesn’t. We always must stick with the technique , and in the end, it doesn’t matter the short-term noise, and we must focus on the big picture.
I’ll keep my position and continue from where we stopped. Since TSLA lost this purple trendline , the bull trend started to get weaker, and now it lost the red line at $ 408, which was an important key point.
Now, the support at the green line didn’t hold the price as we thought, and Tesla is going to seek further supports. The black line at $ 360 is the next support in the hourly chart, which coincides with our target in the daily chart:
The purple line at $ 359 worked as resistance and support in the past, and now is a good target to aim in the next few days.
As long Tesla continues to trade under the 21 ema, the buyers will have a hard time. Only a very good reaction in the daily chart would keep Tesla away from the bearish momentum now, like a Piercing Line pattern, or Downside Tasuki Gap, for instance. The reaction must be clearly seen in the hourly chart as well.
These are the most important points to keep in mind for now, and if you like this idea, please, support it ! And follow me to keep in touch with my daily analyses! Every day I share a few thoughts with you, and I’m sure you’ll find something you like.
But, since Tesla is in a bull trend, the sitution favor the buyers, and there's no clear reversal sign yet, not in the daily chart at least. We can't discard the possibility of a sharper pullback, but this is a topic for another analysis. Meanwhile, let's see if Tesla will recover, at least to the 21 ema in the hourly chart in the short-term.
Either way, stay safe.
