TSLA: Targets in case of a pullback!
Hello traders and investors! Let’s see how Tesla is doing today.
It is dropping a little, following the sell off seen on the S&P 500 and DJI (Nasdaq is going up today). It seems this movement could be a harmless correction, maybe to the 21 ema, or maybe to the $ 508 (black line).
If it fills the last gap, then it won’t be a Runaway Gap anymore, but a Common Gap. This wouldn’t be the end of the world for Tesla, but it could indicate that the bull trend is starting to get weaker, and a pullback is something we can start to think about.
Now, let’s see the daily chart:
The purple line at $ 461.88 is a strong support now, and the 21 ema is there too, offering another support. I find it hard for Tesla to drop all the way down there, so I see that if we see a pullback ahead, the first support level would be the Gap, which wouldn’t be a Runaway, but a Common one.
But I see pullbacks as natural movements, and there’s nothing to worry regarding Tesla right now. The trend is bullish, the volume increased, and there is no reversal sign ahead.
I would use the gap and the 21 ema in the hourly chart to guide myself here, from now on. And if you liked this analysis, please, support it! And remember to follow me to keep in touch with my daily updates and analyses.
Thank you very much.
It is dropping a little, following the sell off seen on the S&P 500 and DJI (Nasdaq is going up today). It seems this movement could be a harmless correction, maybe to the 21 ema, or maybe to the $ 508 (black line).
If it fills the last gap, then it won’t be a Runaway Gap anymore, but a Common Gap. This wouldn’t be the end of the world for Tesla, but it could indicate that the bull trend is starting to get weaker, and a pullback is something we can start to think about.
Now, let’s see the daily chart:
The purple line at $ 461.88 is a strong support now, and the 21 ema is there too, offering another support. I find it hard for Tesla to drop all the way down there, so I see that if we see a pullback ahead, the first support level would be the Gap, which wouldn’t be a Runaway, but a Common one.
But I see pullbacks as natural movements, and there’s nothing to worry regarding Tesla right now. The trend is bullish, the volume increased, and there is no reversal sign ahead.
I would use the gap and the 21 ema in the hourly chart to guide myself here, from now on. And if you liked this analysis, please, support it! And remember to follow me to keep in touch with my daily updates and analyses.
Thank you very much.
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