TSLA Intraday Trading – Key Levels for Nov. 6, 20241. Price Action and Trend Overview
TSLA has recently shown a breakout from a descending trendline, supported by increasing volume, indicating a potential trend reversal.
The current price around $258 is approaching a minor resistance zone near $260, which aligns with previous highs and a supply zone.
The recent bullish momentum above the EMA lines on the 1-hour chart strengthens the case for a continued upward move, provided it sustains above key support levels.
2. Support and Resistance Levels
Immediate Support: $253, where the price found a base recently and consolidated before moving higher.
Primary Resistance: $260.98. If this level is breached, the next target may be $273.5.
Additional Resistance: Above $273.5, a further push could reach $280, though this level may act as a strong resistance given recent rejection points.
3. MACD and Volume Analysis
The MACD on the 1-hour chart is in bullish territory, with a recent crossover suggesting upward momentum.
Volume during the breakout is higher than average, confirming buying interest at current levels. Watch for sustained volume to confirm any move above $260.
4. Entry and Exit Points for Scalping/Intraday
Bullish Entry: Consider a long position if TSLA breaks above $261 with volume confirmation, aiming for $265-$273 as potential profit targets.
Bearish Entry: If TSLA fails to break $260 and shows signs of rejection, consider a short entry with a target back to the $253 support level.
Stop Loss: For long trades, place a stop slightly below $253 to manage risk in case of a reversal. For short trades, consider a stop above $262 to protect against a breakout.
5. Suggested Directional Bias
Bullish Bias: Given the current breakout and positive momentum indicators, the bias leans bullish, especially if TSLA maintains above $253. A sustained move above $260 could confirm further bullish momentum.
Bearish Scenario: If rejection occurs at $260, the bearish target would likely be back towards $253 or lower, depending on market sentiment.
Summary
TSLA is showing bullish signs with the potential for continuation above $260. Watch for volume confirmation and key support/resistance levels to guide intraday entries and exits.
Disclaimer
This analysis is for educational purposes only and should not be construed as financial advice. Please conduct your own research and consider consulting with a financial advisor before making any trading decisions.
