TSLA: Our Ascending Triangle worked. What's next?
• TSLA is still in a clear bear trend, as it is still doing lower highs/lows;
• Since our last analysis, TSLA did exactly what we expected, and it hit our first target at $265 (our Ascending Triangle target). For more details, the link to my previous post is below this analysis;
• In addition, it is consistently trading below the 21 ema, which is a key resistance for TSLA in the 1h chart;
• In the daily chart, TSLA filled the gap at $250 (blue square), which was our second target, and the sell-off persists;
• In theory, since it is a bear trend, made of lower highs/lows, and since TSLA is trading below the 21 ema in the 1h and daily charts, the next stop is the next support at $225 (July 13 low);
• The volume is still quite high, and there’s no bullish structure to work with right now;
• TSLA would need to do a strong bullish reversal sign in the 1h chart, and break the 21 ema as well, in order to avoid retesting the $225;
I’ll keep you guys updated on this. Remember to follow me for more analysis like this! Keep in touch.
• Since our last analysis, TSLA did exactly what we expected, and it hit our first target at $265 (our Ascending Triangle target). For more details, the link to my previous post is below this analysis;
• In addition, it is consistently trading below the 21 ema, which is a key resistance for TSLA in the 1h chart;
• In the daily chart, TSLA filled the gap at $250 (blue square), which was our second target, and the sell-off persists;
• In theory, since it is a bear trend, made of lower highs/lows, and since TSLA is trading below the 21 ema in the 1h and daily charts, the next stop is the next support at $225 (July 13 low);
• The volume is still quite high, and there’s no bullish structure to work with right now;
• TSLA would need to do a strong bullish reversal sign in the 1h chart, and break the 21 ema as well, in order to avoid retesting the $225;
I’ll keep you guys updated on this. Remember to follow me for more analysis like this! Keep in touch.
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