🚘 Tesla, Multiple Reversal Signals

Tesla continues to recover and today we will look at multiple strong reversal signals.

These signals are considered strong because we are looking at the weekly timeframe.

The pick up in trading volume is impressive, this happened as soon as the year 2023 started.

We have a hammer candlestick 3-Jan. to signal the end of the previous bearish move.

This hammer candlestick is followed by two green sessions, confirmation, with high volume, double confirmation of the value of the hammer as reversal signal.

The RSI is trending upwards while the stock is also moving out of descending channel, all these are bullish signals.

What one does, the rest tends to follow.

Tesla started to crash before the other stocks and it is recovering before the rest as well.

We can expect a wider recovery based on what we are seeing on this chart.

There is a bearish cross between EMA50 and EMA100.
A bearish cross is considered bearish but the initial reaction of such a signal is always a bounce.

This signal is saying that Tesla is set to move lower in the mid-term but prices are likely to bounce up first.

There is always a bounce once a bearish cross happens.

The last low can work as support/stop-loss.

Plenty of room for TSLA to go higher before the next bearish wave starts to form.

Namaste.