TSLA: Possible scenarios and complete weekly analysis.
Hello traders and investors! Let’s see how Tesla is behaving today! And since it is Friday, we'll do a complete Multi Time Frame Analysis on it.
First, we may have something new on it: Tesla triggered a pivot point at $ 398. Now, Tesla hit its resistance at $ 408 as we thought it would in my previous analysis, and now it is struggling around this point, which is a natural movement for the stock.
The 21 ema is flat, which indicates some indecision about the trend, but the situation is still quite dangerous for the stock. If it trades again under the $ 398 the market may understand this movement as a false breakout, or even worse: A Dead Cat Bounce.
Let’s take a look at the daily chart for more insights:
The sign is not the greatest, as the resistances are holding the price very well, and yesterday’s candlestick pattern was not a proper Piercing Line pattern, as it left an annoying shadow above its body.
It could just retest again the $ 359 region, but the signal will be given first in the hourly chart, if it trades under $ 398 again, by doing a false breakout from a pivot point.
As we also discussed in my previous analysis, if Tesla loses the $ 359, it will seek further supports, like the $ 329.
Now, let’s finish our studies by looking at the weekly chart:
There’s nothing surprising going on here, but if the weekly chart says something to us, is that Tesla could drop more, at least to hit the 21 ema, and this wouldn’t ruin the long-term bull trend!
But again, it must lose the $ 359, which is probably the most important point for Tesla right now.
Tesla will only enter in bull territory again if it trades above $ 408. Then the reaction will be better, and it may have strength to hit the All Time High at $ 502 again.
Now, if you liked this analysis, please, support it! And follow me to keep in touch with my ideas. Every day I share a few thoughts here, and you may find something helpful around.
My best regards.
Have a great weekend.
First, we may have something new on it: Tesla triggered a pivot point at $ 398. Now, Tesla hit its resistance at $ 408 as we thought it would in my previous analysis, and now it is struggling around this point, which is a natural movement for the stock.
The 21 ema is flat, which indicates some indecision about the trend, but the situation is still quite dangerous for the stock. If it trades again under the $ 398 the market may understand this movement as a false breakout, or even worse: A Dead Cat Bounce.
Let’s take a look at the daily chart for more insights:
The sign is not the greatest, as the resistances are holding the price very well, and yesterday’s candlestick pattern was not a proper Piercing Line pattern, as it left an annoying shadow above its body.
It could just retest again the $ 359 region, but the signal will be given first in the hourly chart, if it trades under $ 398 again, by doing a false breakout from a pivot point.
As we also discussed in my previous analysis, if Tesla loses the $ 359, it will seek further supports, like the $ 329.
Now, let’s finish our studies by looking at the weekly chart:
There’s nothing surprising going on here, but if the weekly chart says something to us, is that Tesla could drop more, at least to hit the 21 ema, and this wouldn’t ruin the long-term bull trend!
But again, it must lose the $ 359, which is probably the most important point for Tesla right now.
Tesla will only enter in bull territory again if it trades above $ 408. Then the reaction will be better, and it may have strength to hit the All Time High at $ 502 again.
Now, if you liked this analysis, please, support it! And follow me to keep in touch with my ideas. Every day I share a few thoughts here, and you may find something helpful around.
My best regards.
Have a great weekend.
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