TSLA: Weekly Outlook and Key Points.
Hello traders and investors! Let’s do our weekly complete Multi Time Frame Analysis (MTFA) on Tesla today!
We see a trendline in the hourly chart, which Tesla is respecting so far, indicating that it still is a short-term bull trend, and it is trading above the 21 ema, which is another good sign.
Tesla must not lose this trendline, because the bull trend will get weaker, and Tesla might retest the support at the red line around $ 408 again. Then the situation will get critical, because if this point will be lost, it will trigger a pivot point and the blue line at $ 398 might not hold the price. The target for it would be the pink line at $ 329.
On the other hand, if it defeats the $ 461 it will trigger another pivot point, that could lead Tesla to its All Time High ($ 502) again.
Now, let’s see the daily chart:
Tesla is going up, but today’s candlestick is quite bearish. The two red lines can be seen from this perspective as well, and as long Tesla keeps trading between them, nothing new will happen.
The good news is that it is trading above the 21 ema, so we are in bull territory. The bad news is that it recently filled a gap, which can be seen as an Exhaustion Gap, so the stock may move sideways for a while.
Now, let’s finish our study by looking at the weekly chart:
Tesla is performing very well this week, and it is clearly between its support at the purple line ($ 359) and the resistance at the All Time High ($ 502).
Since Tesla is in this mid-point, we must be extremely careful. Yes, it could fly again, but we could see a pullback to the 21 ema, something we don’t see since March.
Either way, it is still a bull trend, but be careful, because the volatility is pretty high. Between $ 359 and $ 502 a lot of things could happen, and maybe the famous Battery Day will bring even more volatility. And if you liked this analysis, please, support it! And follow me to keep in touch with my daily analyses!
Stay safe and have a great weekend!
We see a trendline in the hourly chart, which Tesla is respecting so far, indicating that it still is a short-term bull trend, and it is trading above the 21 ema, which is another good sign.
Tesla must not lose this trendline, because the bull trend will get weaker, and Tesla might retest the support at the red line around $ 408 again. Then the situation will get critical, because if this point will be lost, it will trigger a pivot point and the blue line at $ 398 might not hold the price. The target for it would be the pink line at $ 329.
On the other hand, if it defeats the $ 461 it will trigger another pivot point, that could lead Tesla to its All Time High ($ 502) again.
Now, let’s see the daily chart:
Tesla is going up, but today’s candlestick is quite bearish. The two red lines can be seen from this perspective as well, and as long Tesla keeps trading between them, nothing new will happen.
The good news is that it is trading above the 21 ema, so we are in bull territory. The bad news is that it recently filled a gap, which can be seen as an Exhaustion Gap, so the stock may move sideways for a while.
Now, let’s finish our study by looking at the weekly chart:
Tesla is performing very well this week, and it is clearly between its support at the purple line ($ 359) and the resistance at the All Time High ($ 502).
Since Tesla is in this mid-point, we must be extremely careful. Yes, it could fly again, but we could see a pullback to the 21 ema, something we don’t see since March.
Either way, it is still a bull trend, but be careful, because the volatility is pretty high. Between $ 359 and $ 502 a lot of things could happen, and maybe the famous Battery Day will bring even more volatility. And if you liked this analysis, please, support it! And follow me to keep in touch with my daily analyses!
Stay safe and have a great weekend!
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