TSLA: Next points to keep in mind!
Hello traders and investors! Tesla is pretty bearish now, as we expected, and it is very close to our current target. Let’s analyze it.
Yes, Tesla officially lost its supports in the hourly chart, and it triggered a Pivot Point at $ 442.50 (pink line). Theoretically, it would seek further supports, like the $ 425.40 (blue line), but let’s keep in mind that TSLA almost hit our target today, which is the 21 ema in the daily chart, and now is reacting.
If it starts trading above the pink line again, the market will understand this as a false breakout from a pivot point, and the bulls will get the upper hand again. But for now, we can consider the $ 442.50 as a resistance, and as long TSLA continues trading under this point, it’ll remain in bear territory.
Now, let’s see the daily chart:
Yes, Tesla didn’t hit the 21 ema, and this shows some strength. What’s more, it is doing what it seems to be a Homing Pigeon candlestick pattern, which is a quite exotic pattern – and it is bullish.
The volume decreased a lot, and it seems TSLA is just cautious about its earnings (Oct. 21). The lack of volume makes the stock vulnerable to volatile movements, and probably the earnings will bring something new to the chart.
For now, there’s nothing much to do, but wait for it to hit our target. After it hits the 21 ema, it could even hit the $ 425.40 in the hourly chart, but it is too soon to say this. A bullish reaction would occur only if Tesla defeats the $ 442.50 again, so, keep these points in mind for now.
And if you like this analysis, please, support it! And follow me to keep in touch with my daily updates on Tesla.
Trade well and stay safe.
Yes, Tesla officially lost its supports in the hourly chart, and it triggered a Pivot Point at $ 442.50 (pink line). Theoretically, it would seek further supports, like the $ 425.40 (blue line), but let’s keep in mind that TSLA almost hit our target today, which is the 21 ema in the daily chart, and now is reacting.
If it starts trading above the pink line again, the market will understand this as a false breakout from a pivot point, and the bulls will get the upper hand again. But for now, we can consider the $ 442.50 as a resistance, and as long TSLA continues trading under this point, it’ll remain in bear territory.
Now, let’s see the daily chart:
Yes, Tesla didn’t hit the 21 ema, and this shows some strength. What’s more, it is doing what it seems to be a Homing Pigeon candlestick pattern, which is a quite exotic pattern – and it is bullish.
The volume decreased a lot, and it seems TSLA is just cautious about its earnings (Oct. 21). The lack of volume makes the stock vulnerable to volatile movements, and probably the earnings will bring something new to the chart.
For now, there’s nothing much to do, but wait for it to hit our target. After it hits the 21 ema, it could even hit the $ 425.40 in the hourly chart, but it is too soon to say this. A bullish reaction would occur only if Tesla defeats the $ 442.50 again, so, keep these points in mind for now.
And if you like this analysis, please, support it! And follow me to keep in touch with my daily updates on Tesla.
Trade well and stay safe.
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