Today, we will look at TSLA and the current situation we are in.
Technical context:
- The price is currently on an ABC flag pattern (yellow lines)
- The price is close to an ascending trendline coming from March 2020
- The price has reached a major support level (900.00)
What can we expect from here?
Bullish perspective: Inside the flag pattern, we can see a white descending trendline, defining the current bearish movement. IF the price breaks it, and we observe a retest (throwback) of it, a new high after that may be a confirmation of a bullish movement towards the higher trendline of the corrective pattern.
Bearish perspective: If the price breaks the ascending trendline and makes a clear retest (pullback) of the ascending trendline, a new low after that may be a confirmation of a bearish movement towards the next support zone at 560.00
The main purpose of this post is to define situations, levels, and structures that may be useful for different types of traders. Thanks for reading!
Technical context:
- The price is currently on an ABC flag pattern (yellow lines)
- The price is close to an ascending trendline coming from March 2020
- The price has reached a major support level (900.00)
What can we expect from here?
Bullish perspective: Inside the flag pattern, we can see a white descending trendline, defining the current bearish movement. IF the price breaks it, and we observe a retest (throwback) of it, a new high after that may be a confirmation of a bullish movement towards the higher trendline of the corrective pattern.
Bearish perspective: If the price breaks the ascending trendline and makes a clear retest (pullback) of the ascending trendline, a new low after that may be a confirmation of a bearish movement towards the next support zone at 560.00
The main purpose of this post is to define situations, levels, and structures that may be useful for different types of traders. Thanks for reading!