TSLA: Key points for the short/mid-term.
Hello traders and investors! Let’s see how TSLA is doing today!
In the 1h chart, it looks like we have a Triangle chart pattern, as evidenced by the purple lines. This is a continuation pattern (this is not a rule, though), and since the trend is bullish, an upward breakout would be natural.
But, what if we break downwards? Then we will lose the 21 ema and seek the $ 700, which seems to be a relevant support level for us to work with.
Keep in mind that it is natural that Tesla is struggling in the past few days, as we just hit a resistance in the daily chart:
It is interesting to notice that the Triangle seen in the 1h chart (the last 3 candlesticks, in the daily chart), has decreasing volume. There’s no real sell-off here, just a lack of momentum.
If we lose the $ 700, we have a good support at $ 689, which is also quite close to the gap seen in the 1h chart, around $ 687. Therefore, this area is a good support candidate, if the Triangle and the support at $ 700 fail.
Remember: We have an open gap at $ 732.20, and we almost filled it this week. Gaps work as magnets.
If you liked this analysis, remember to follow me to keep in touch with my daily updates.
Thank you very much.
In the 1h chart, it looks like we have a Triangle chart pattern, as evidenced by the purple lines. This is a continuation pattern (this is not a rule, though), and since the trend is bullish, an upward breakout would be natural.
But, what if we break downwards? Then we will lose the 21 ema and seek the $ 700, which seems to be a relevant support level for us to work with.
Keep in mind that it is natural that Tesla is struggling in the past few days, as we just hit a resistance in the daily chart:
It is interesting to notice that the Triangle seen in the 1h chart (the last 3 candlesticks, in the daily chart), has decreasing volume. There’s no real sell-off here, just a lack of momentum.
If we lose the $ 700, we have a good support at $ 689, which is also quite close to the gap seen in the 1h chart, around $ 687. Therefore, this area is a good support candidate, if the Triangle and the support at $ 700 fail.
Remember: We have an open gap at $ 732.20, and we almost filled it this week. Gaps work as magnets.
If you liked this analysis, remember to follow me to keep in touch with my daily updates.
Thank you very much.
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