TESLA: When Is The Next Bounce?

23 Jul 2020

TSLA

DISCLAIMER: This is not a "technical analysis" and more of a "hypothesis" for my future inquiries with this stock. I am personally an optimist for the EV industry and hope for it to grow.

TESLA stock price seems to respect the 200 period simple moving average in an hourly time frame. Since the 'golden cross' in late March, March 30th to be exact, the price has bounced off the 200 MA at least 'ten' occasions. Even if I don't go into all those pessimism regarding the company's fundamentals or overvaluation and stick to the simple trend analysis, the question remains: "when will be the next bounce?" Or is it a break of structure?

If you find this interesting then please let me know your thoughts. I will be posting more in this topic in the future.

23 Jul 2020

Catatan

Please also notice the relevance of the 'time frame' here. In a daily time frame the 'golden cross' took place way back in November 2019 and the price only bounced off of the 200 MA once in March during the pandemic dip. Still, the 200 MA level was respected.

23 Jul 2020

Catatan

On a 4 hour time frame TESLA stock price tends to bounce off the 50 MA in regular interval. This is exactly where the price landed today. Will it bounce off or continue falling? It will be interesting to see.

23 Jul 2020

Catatan

24 Jul 2020

Catatan

I made an argument earlier this week that since the last 'golden cross' in late March, TSLA stock price always bounced off of the 200 MA level in an hourly time frame. "When is the next bounce?", I asked. I believe we are at that point now.

The question now is that if the current market condition will allow for this structure to sustain. Let's hope the structure sustains and we get to see a bounce up today.