In the chart above I have provided a macro analysis of TESLA by providing a visual on confirmed channels, past and current trend & RSI patterns.
Points:
1. Channels show a deviation of 60 points currently placing us in the second to last channel that holds between 60 - 20 for DEMAND & SUPPLY.
2. Current channel is in fact risky to buy into considering we are in a Supply Zone with a channel that has seen little consolidation in past price action.
3. Tesla is now currently down 73% in the past year.
4. We are now currently in what I believe to be a SHORT BELOW CURRENT TREND that should come to see a pull back into our current down trend at least.
5. RSI is at a crucial pivot point where a dead cat bounce is worst case scenario if we are to take away from previous times RSI has been this low.
Note: A squeezing triangle pattern has been indicative of a bullish climb in the near future.
TSLA
Points:
1. Channels show a deviation of 60 points currently placing us in the second to last channel that holds between 60 - 20 for DEMAND & SUPPLY.
2. Current channel is in fact risky to buy into considering we are in a Supply Zone with a channel that has seen little consolidation in past price action.
3. Tesla is now currently down 73% in the past year.
4. We are now currently in what I believe to be a SHORT BELOW CURRENT TREND that should come to see a pull back into our current down trend at least.
5. RSI is at a crucial pivot point where a dead cat bounce is worst case scenario if we are to take away from previous times RSI has been this low.
Note: A squeezing triangle pattern has been indicative of a bullish climb in the near future.
TSLA
