Bear Flag in Tesla?
Tesla has been climbing recently, but some traders may see a bigger downtrend.
The first pattern on today’s chart is the series of higher lows since August 5. The EV maker fell yesterday to close at its lowest level in over a week. That may be viewed as a breakdown from a bearish flag.
Second, Tuesday’s high occurred near a 50 percent retracement of the move between the peak of July and the trough of this month.
Third, July’s high occurred near the high from December. Could that be viewed as a double-top reversal pattern?
Stochastics are also dipping from an overbought condition.
Next, prices are struggling at the 50-day simple moving average. The 8-day exponential moving average (EMA) also failed to move above the 21-day EMA. Those signals may reflect bearishness over the intermediate and short terms.
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TradeStation Securities, Inc. and TradeStation Technologies, Inc. are each wholly owned subsidiaries of TradeStation Group, Inc., both operating, and providing products and services, under the TradeStation brand and trademark. When applying for, or purchasing, accounts, subscriptions, products and services, it is important that you know which company you will be dealing with. Visit https://www.TradeStation.com/DisclosureTSCompanies for further important information explaining what this means.
The first pattern on today’s chart is the series of higher lows since August 5. The EV maker fell yesterday to close at its lowest level in over a week. That may be viewed as a breakdown from a bearish flag.
Second, Tuesday’s high occurred near a 50 percent retracement of the move between the peak of July and the trough of this month.
Third, July’s high occurred near the high from December. Could that be viewed as a double-top reversal pattern?
Stochastics are also dipping from an overbought condition.
Next, prices are struggling at the 50-day simple moving average. The 8-day exponential moving average (EMA) also failed to move above the 21-day EMA. Those signals may reflect bearishness over the intermediate and short terms.
TradeStation has, for decades, advanced the trading industry, providing access to stocks, options and futures. See our Overview for more.
Past performance, whether actual or indicated by historical tests of strategies, is no guarantee of future performance or success. There is a possibility that you may sustain a loss equal to or greater than your entire investment regardless of which asset class you trade (equities, options or futures); therefore, you should not invest or risk money that you cannot afford to lose. Online trading is not suitable for all investors. View the document titled Characteristics and Risks of Standardized Options at https://www.TradeStation.com/DisclosureOptions. Before trading any asset class, customers must read the relevant risk disclosure statements on https://www.TradeStation.com/Important-Information/. System access and trade placement and execution may be delayed or fail due to market volatility and volume, quote delays, system and software errors, Internet traffic, outages and other factors.
Securities and futures trading is offered to self-directed customers by TradeStation Securities, Inc., a broker-dealer registered with the Securities and Exchange Commission and a futures commission merchant licensed with the Commodity Futures Trading Commission). TradeStation Securities is a member of the Financial Industry Regulatory Authority, the National Futures Association, and a number of exchanges.
TradeStation Securities, Inc. and TradeStation Technologies, Inc. are each wholly owned subsidiaries of TradeStation Group, Inc., both operating, and providing products and services, under the TradeStation brand and trademark. When applying for, or purchasing, accounts, subscriptions, products and services, it is important that you know which company you will be dealing with. Visit https://www.TradeStation.com/DisclosureTSCompanies for further important information explaining what this means.
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