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Candlestickanalsysis

TSLA: Turning Bullish Again.• TSLA stock looks impressive, as it is doing an important reaction today, trying to reject the Hanging Man candlestick pattern from Monday; • In theory a Hanging Man pattern is a famous top signal, however, evidence suggests that this pattern acts as a bullish continuation roughly 59% of the time (BULKOWSKI, Thomas. Encyclopedia of Candlestick Patterns, p. 365); • Now, TSLA is trying to resume the bullish momentum. To reject any possible top signal, it is important to see it breaking Monday’s high as soon as possible - otherwise, it might lose momentum; • What’s more, it seems it is heading to its next technical target, the open gap at $177. • The weekly chart suggests a bounce to higher levels, maybe to the purple trend line again; • This thesis will be valid as long as the daily chart maintains its bullish bias, and keeps above its 21 ema; I’ll keep you updated on this. Remember to follow me to keep in touch with my daily analysis.
NASDAQ:TSLA
by Nathan_The_Finance_Hydra
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SPX: Above an Inflection Point.• The SPX is trying to do a bullish reaction today, just above the key support level at 4,100; • This reinforces our view that 4,100 is the most important support level for the index, and only if it loses, we would see a sharper correction; • For now, the index maintains its bullish bias, and there’s no technical evidence pointing to a reversal; • In theory, it’ll seek the 4,218 next, to fill the last gap; • What’s more, if it breaks yesterday’s high, it’ll completely reject the bearish candlestick, confirming the bullish bias; • I’ll keep you updated on this. Remember to follow me to keep in touch with my daily analyses!
SP:SPX
by Nathan_The_Finance_Hydra