TSLA: Two scenarios for us to work with!
Hello traders and investors! Let’s see how Tesla is doing today!
First, in the 1h chart, we see that it is trading inside a short-term congestion, between the red lines. Today, Tesla just retested the upper line, and it seems it won’t break it right now. In fact, it is doing a bearish engulfing.
The 21 ema is useless during congestions, so it is not a reliable support/resistance level. On the bright side, Tesla is not in a bear trend anymore, as it is not doing lower highs/lows. Now, this congestion will determine the direction of the next movement.
We might see a breakout from the $ 560 or the $ 592, and we can set targets for both scenarios. Let’s see the daily chart:
We have a congestion in the daily chart as well, and we are in the bottom area. If Tesla loses the $ 560, the next target is the $ 538, and below that, we have the $ 400 area.
But if Tesla breaks upwards, it has the $ 690 as the next technical target, but maybe the 21 ema will hold the price briefly. Anyway, we must take care now, and be prepared for different scenarios.
If you like this analysis, remember to follow me to keep in touch with my daily studies, and remember to support this idea if it helped you!
Thank you very much!
First, in the 1h chart, we see that it is trading inside a short-term congestion, between the red lines. Today, Tesla just retested the upper line, and it seems it won’t break it right now. In fact, it is doing a bearish engulfing.
The 21 ema is useless during congestions, so it is not a reliable support/resistance level. On the bright side, Tesla is not in a bear trend anymore, as it is not doing lower highs/lows. Now, this congestion will determine the direction of the next movement.
We might see a breakout from the $ 560 or the $ 592, and we can set targets for both scenarios. Let’s see the daily chart:
We have a congestion in the daily chart as well, and we are in the bottom area. If Tesla loses the $ 560, the next target is the $ 538, and below that, we have the $ 400 area.
But if Tesla breaks upwards, it has the $ 690 as the next technical target, but maybe the 21 ema will hold the price briefly. Anyway, we must take care now, and be prepared for different scenarios.
If you like this analysis, remember to follow me to keep in touch with my daily studies, and remember to support this idea if it helped you!
Thank you very much!
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