TSLA's Path Ahead: Bounce or Breakdown Nov. 6, 2024
Current Trend & Price Action
From the hourly chart, TSLA appears to be in a descending channel pattern, indicating a bearish trend. The stock has been facing consistent downward pressure, with lower highs and lower lows defining its structure over recent sessions. This pattern could signal a continuation of the downtrend if TSLA remains below key resistance levels.
Support & Resistance Levels
Immediate Resistance: Around $246 (top of the descending channel).
Key Resistance Zone: $266 - $273. A break above this area would indicate a bullish reversal.
Immediate Support: Near $239, which aligns with a recent horizontal level and the lower boundary of the channel.
Critical Support Zone: $230 - $235. Breaking below this could open the door for further downside.
Indicators
Moving Averages (15 EMA and 161 EMA): The purple and yellow EMAs show a downward trend, with TSLA trading below both, signaling a bearish sentiment.
MACD: It’s currently displaying a potential bullish crossover. If momentum follows through, this might offer a short-term bounce, especially if TSLA tests the lower channel boundary around $239.
Trading Strategy & Entry/Exit Points
Bounce Play: Look for a reversal signal at the $239 level. If buying pressure increases around this zone, a potential entry near $239-$240 could be viable, with a target at the upper channel boundary near $246 or $250.
Breakdown Play: If TSLA breaks below $239 with strong volume, it may indicate further downside. In this case, short positions could be considered with a target around $235 or lower, watching for support around $230.
Disclaimer: This analysis is for educational purposes only and is not financial advice. Please conduct your own research and trade responsibly.
From the hourly chart, TSLA appears to be in a descending channel pattern, indicating a bearish trend. The stock has been facing consistent downward pressure, with lower highs and lower lows defining its structure over recent sessions. This pattern could signal a continuation of the downtrend if TSLA remains below key resistance levels.
Support & Resistance Levels
Immediate Resistance: Around $246 (top of the descending channel).
Key Resistance Zone: $266 - $273. A break above this area would indicate a bullish reversal.
Immediate Support: Near $239, which aligns with a recent horizontal level and the lower boundary of the channel.
Critical Support Zone: $230 - $235. Breaking below this could open the door for further downside.
Indicators
Moving Averages (15 EMA and 161 EMA): The purple and yellow EMAs show a downward trend, with TSLA trading below both, signaling a bearish sentiment.
MACD: It’s currently displaying a potential bullish crossover. If momentum follows through, this might offer a short-term bounce, especially if TSLA tests the lower channel boundary around $239.
Trading Strategy & Entry/Exit Points
Bounce Play: Look for a reversal signal at the $239 level. If buying pressure increases around this zone, a potential entry near $239-$240 could be viable, with a target at the upper channel boundary near $246 or $250.
Breakdown Play: If TSLA breaks below $239 with strong volume, it may indicate further downside. In this case, short positions could be considered with a target around $235 or lower, watching for support around $230.
Disclaimer: This analysis is for educational purposes only and is not financial advice. Please conduct your own research and trade responsibly.
כתב ויתור
המידע והפרסומים אינם אמורים להיות, ואינם מהווים, עצות פיננסיות, השקעות, מסחר או סוגים אחרים של עצות או המלצות שסופקו או מאושרים על ידי TradingView. קרא עוד בתנאים וההגבלות.
כתב ויתור
המידע והפרסומים אינם אמורים להיות, ואינם מהווים, עצות פיננסיות, השקעות, מסחר או סוגים אחרים של עצות או המלצות שסופקו או מאושרים על ידי TradingView. קרא עוד בתנאים וההגבלות.