TSLA's TA on October 3, 2024Price Action:
TSLA is trading in a descending channel after a sharp sell-off on the hourly chart. The overall sentiment appears bearish, and it's currently consolidating near the lower end of the range around $249 - $251.
There was a strong rejection from the recent high around $264.86, marking this as a significant resistance level going forward.
Key Levels:
Support:
The immediate support level is around $244. This is a critical zone because if it breaks below, the next level to watch is $241.49 and potentially as low as $239.
If these support zones don't hold, we could see a move down towards $230 - $235.
Resistance:
The first major resistance to the upside is $251.60, with another key level at $260. These areas could be tested if there's any upside recovery.
The ultimate strong resistance is around $264.86, which aligns with the previous rejection zone.
Entry and Exit Points:
Entry for Long: Look for a bullish reversal pattern or breakout above $251.60 with volume confirmation, targeting the next resistance at $260. You could set a stop loss below $249 to protect against downside risk.
Entry for Short: If TSLA breaks down below $244, you could consider shorting, aiming for the lower targets at $241.50 or even $239.
Order Blocks & Volume Profile:
The volume profile shows a high concentration of traded volume around $249 - $251. This means it’s a key area to watch for consolidation, and the direction TSLA takes out of this zone could indicate the next big move.
Momentum Indicators:
MACD and stochastic shows the selling pressure seems to dominate, so keeping an eye on volume is crucial to detect any possible reversal.
Overall Bias:
TSLA remains bearish as long as it stays below $251.60. There’s a potential for a further pullback unless it can reclaim key resistance levels like $260. Keep in mind potential market catalysts that could drive price action beyond technical levels.
