TSLA: Next targets and some scenarios to work with!
Hello traders and investors! Let’s talk about Tesla today! It’s been a week since our last study, so we have a lot to update! The link to my previous analysis is below this post, as usual.
First, in the 1h chart, Tesla filled an open Gap around the $ 777 and now it is dropping again. We have a short-term bear trend, as since the $ 777 Tesla has been doing lower highs/lows, and maybe we have a Descending Channel (purple lines).
But it seems the $ 708 is the most important support level for the short-term. We also have a pivot point at $ 737, and if Tesla holds itself around the $ 708, and breaks the $ 737 it would be a great sign.
Now, let’s see the daily chart for more clues:
Yes, the support at $ 708 is visible from the daily chart too, and what’s more, it is quite close to the 21 ema as well, making it a Dual-Support level.
Yesterday’s reaction was nice, and today’s drop shouldn’t be something scary, as TSLA might be just doing a pullback in the 1h chart before it triggers the pivot we mentioned. But if Tesla loses the Dual-Support zone, then the next target will be the red line at $ 667, which is the next support level to work with.
But Tesla is still bullish, and even if it drops to the $ 667, it is not going to ruin the bullish configuration, it will only delay the next bullish leg, and offer another opportunity to buy or increase your position, at a cheaper price.
Let’s monitor Tesla closely and remember to follow me to keep updated about my daily studies, and please, support this idea if you liked it!
Thank you very much!
First, in the 1h chart, Tesla filled an open Gap around the $ 777 and now it is dropping again. We have a short-term bear trend, as since the $ 777 Tesla has been doing lower highs/lows, and maybe we have a Descending Channel (purple lines).
But it seems the $ 708 is the most important support level for the short-term. We also have a pivot point at $ 737, and if Tesla holds itself around the $ 708, and breaks the $ 737 it would be a great sign.
Now, let’s see the daily chart for more clues:
Yes, the support at $ 708 is visible from the daily chart too, and what’s more, it is quite close to the 21 ema as well, making it a Dual-Support level.
Yesterday’s reaction was nice, and today’s drop shouldn’t be something scary, as TSLA might be just doing a pullback in the 1h chart before it triggers the pivot we mentioned. But if Tesla loses the Dual-Support zone, then the next target will be the red line at $ 667, which is the next support level to work with.
But Tesla is still bullish, and even if it drops to the $ 667, it is not going to ruin the bullish configuration, it will only delay the next bullish leg, and offer another opportunity to buy or increase your position, at a cheaper price.
Let’s monitor Tesla closely and remember to follow me to keep updated about my daily studies, and please, support this idea if you liked it!
Thank you very much!
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