TSLA: What is the worst-case scenario in the short-term?
Hello traders and investors! Let’s see how Tesla is doing today!
First, in the 1h chart, it is behaving as we thought it would in our last study. The support level around the $ 708 worked until a certain point, but now Tesla lost it. So, what’s next for it?
It seems the $ 693 is another support level to work with, and if lost, hardly Tesla would hold itself before the $ 667 - $ 668 area. If the Nasdaq Index corrects a little bit more in the daily chart, then this scenario would be easily materialized.
However, if the $ 693 holds the price, we might see something good in the next few days. Let’s see the daily chart for a better perspective:
The trend is clearly bullish, as we have higher highs/lows, and the situation favors the bulls. Tesla is in a buy zone right now, as it is near some support levels, but we have yet to see a bullish reaction to confirm our thoughts, along with an increase in volume.
In the worst-case scenario, Tesla would hit the $ 667. Then we’ll need to see if it’ll react or not. Since we are in a bull trend, the odds are that Tesla will do a bullish reaction.
Even in the worst-case scenario, Tesla would remain bullish, and it could offer a brilliant buy opportunity. But regardless of how Tesla will behave from now on, the $ 821 is the next target to work with in the mid-term.
If you liked this analysis, remember to follow me to keep in touch with my daily studies, and please, support this idea if it helped!
Thank you very much.
First, in the 1h chart, it is behaving as we thought it would in our last study. The support level around the $ 708 worked until a certain point, but now Tesla lost it. So, what’s next for it?
It seems the $ 693 is another support level to work with, and if lost, hardly Tesla would hold itself before the $ 667 - $ 668 area. If the Nasdaq Index corrects a little bit more in the daily chart, then this scenario would be easily materialized.
However, if the $ 693 holds the price, we might see something good in the next few days. Let’s see the daily chart for a better perspective:
The trend is clearly bullish, as we have higher highs/lows, and the situation favors the bulls. Tesla is in a buy zone right now, as it is near some support levels, but we have yet to see a bullish reaction to confirm our thoughts, along with an increase in volume.
In the worst-case scenario, Tesla would hit the $ 667. Then we’ll need to see if it’ll react or not. Since we are in a bull trend, the odds are that Tesla will do a bullish reaction.
Even in the worst-case scenario, Tesla would remain bullish, and it could offer a brilliant buy opportunity. But regardless of how Tesla will behave from now on, the $ 821 is the next target to work with in the mid-term.
If you liked this analysis, remember to follow me to keep in touch with my daily studies, and please, support this idea if it helped!
Thank you very much.
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