TSLA on Edge: Key Levels to Watch for November 4, 2024

Technical Analysis:
Current Trend: TSLA has been in a steady downtrend within a descending channel on the 1-hour chart, forming lower highs and lower lows. Price action suggests bearish momentum, but a short-term pullback might be on the horizon.

Resistance Levels:
$255.57: Significant short-term resistance; a break above could signal potential bullish momentum.
$249.89 - $250.50: Key intraday resistance zone around the ask price. If TSLA breaks above this, expect retests toward $255.

Support Levels:
$245.05: Immediate support level; if this breaks, the next support is around $235.36, aligning with the channel’s lower boundary.

Indicators:
EMA (Exponential Moving Averages): Price is below both EMAs, confirming the bearish trend. A crossover above these would be the first sign of a potential reversal.

MACD: Currently showing bearish momentum, but any crossover may hint at a short-term reversal.

Potential Entry Points:
Short Position: If TSLA fails to break the $249 resistance zone, consider entering a short position with targets at $245 and $235.

Long Position: If TSLA breaks and holds above $250.50, a long position may be viable, aiming for $255.

Summary:
TSLA is under bearish pressure, and trading within a clear descending channel suggests cautious optimism for a pullback or shorting opportunities if the downward trend continues.

Disclaimer: This analysis is for informational purposes only. Always conduct your own research before trading.