TSLA looking for another wave up or DOOM?To all the concerned traders either in TSLA or looking at TSLA..
Right now if we look at the weekly perspective we can see that TSLA is in the bottom of its uptrend channel. Furthermore it is CLEAR that TSLA is also near a strong support level which we bounced off in March aswell. However we can see a resistance building up above over the past few weeks and also pretty strong seeling pressure.
Now to be clear, i am not throwing in any fundamentals into this or relating any other market activity and simply am projecting the current situation based on the TSLA chart.
But the smart traders out here know that there is more than just meets the eye here.. Over and over papers have been published proving that the EMT (efficiënt market theory) is not necesseraly true. With this being said if we see a sell off for some reason below this support that is being formed, it is highly likely that the market will react hugely to all the developing situations and will push this down extremely (most likely when the rest of the market will not see its better days due to high correlation in times of crisis).
With all this being said. I am not an investor in TSLA right now, and will be only looking at lower time frames for entry possibilities (to trade NOT invest) when i see a break above or below support/resistance with this chart being the backbone to the current structure.
I wish you all goodluck and appreciate your like and comment to let me know what you think! :)
Leez: mister Send a Dollar Please
