TSLA: Reached a Critical Resistance Area!
• TSLA stock has just filled an open gap from October 2022;
• However, although we have reached this resistance level, there’s no clear top signal indicating a correction;
• So far, the trend is still bullish, as TSLA is still doing higher highs/lows and it is above the 21 ema. However, any top signal would trigger a correction to lower levels, like the 21 ema on the daily chart.
• On the weekly chart, we see that TSLA has triggered two very powerful bullish structures: First, a Bullish Flag, as evidenced by the purple lines; Second, a Bullish Pivot point, as evidenced by the red line at $217;
• This suggests a long-term reversal on TSLA, as these are the first bullish structures seen since 2021;
• The next resistance is the $314 area, while the last target is at the all-time high;
• However, since TSLA has just filled an open gap, mid-term corrections are plausible. Although the daily chart could suggest a drop to its 21 ema, the next support line on the weekly chart is at $217 (previous pivot point). Therefore, TSLA could drop to the $220 - $217 area and this wouldn’t frustrate its long-term bullish structures.
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• However, although we have reached this resistance level, there’s no clear top signal indicating a correction;
• So far, the trend is still bullish, as TSLA is still doing higher highs/lows and it is above the 21 ema. However, any top signal would trigger a correction to lower levels, like the 21 ema on the daily chart.
• On the weekly chart, we see that TSLA has triggered two very powerful bullish structures: First, a Bullish Flag, as evidenced by the purple lines; Second, a Bullish Pivot point, as evidenced by the red line at $217;
• This suggests a long-term reversal on TSLA, as these are the first bullish structures seen since 2021;
• The next resistance is the $314 area, while the last target is at the all-time high;
• However, since TSLA has just filled an open gap, mid-term corrections are plausible. Although the daily chart could suggest a drop to its 21 ema, the next support line on the weekly chart is at $217 (previous pivot point). Therefore, TSLA could drop to the $220 - $217 area and this wouldn’t frustrate its long-term bullish structures.
Remember to follow me to keep in touch with more analysis like this.
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