TSLA Chart Reading - Plan01 Introduction 01.01Howdy Traders!
This idea is more of an informational piece as opposed to an idea representing a strong trend headed in a certain direction.
Recently, we saw a strong bullish trend for $NASDAQ:TSLA. Many are wondering to what point this is all headed towards, and at what point the reversal will begin. The hopes of this post is to address this question.
When looking at a daily time frame, a trend-line can be drawn connecting all of the high points NASDAQ:TSLA created over the long span of time (last few years). In this chart I posted, it is represented as the blue trend-line (currently sitting at around the $290.50 levels). NASDAQ:TSLA is now approaching this level closer and closer day to day, and chances are that NASDAQ:TSLA will reject this resistance the same way it has in the past 3 separate occasions. NASDAQ:TSLA has two scenarios once it hits this level.
Scenario #1 (Bearish):
It hits this level, does not break through, and the price heads downwards to no certain price level.
Scenario #2 (Bullish):
NASDAQ:TSLA breaks the price level of $290.5, and will most likely come back down to retest this level. This first obstacle will be to break through the $314 level. If the bullish trend remains strong, NASDAQ:TSLA will have a really high probability in creating a new all-time-high of $415.19.
I will call this plan "Plan01", and will keep everyone updated on how it goes over time. If NASDAQ:TSLA does not break the $290.50 level, then this plan won't work. However, if it does, then Plan01 is in motion.
Bona Fortuna! (Good Luck)
