TSLA definitely looking bearish right now.
On may 10, we broke below the trend line shown on my chart, which could also be seen as the neck line of a head and shoulders pattern. To me, this is an important break.
On top of that, TSLA broke below the 200 MA and today seems like it is rejecting it, indicating further signs of a downtrend.
We have support at 540, which was tested and rejected the 19th may, but I expect this level to be broken easily in the coming days.
After that we have 500-505, 465 and finally 400.
My short term target on TSLA is 400, from there we could get a bounce, and then a push lower.
My longer term target is around 200 for now.
Any questions?
Good luck traders
Remember not to break your rules
Habib
On may 10, we broke below the trend line shown on my chart, which could also be seen as the neck line of a head and shoulders pattern. To me, this is an important break.
On top of that, TSLA broke below the 200 MA and today seems like it is rejecting it, indicating further signs of a downtrend.
We have support at 540, which was tested and rejected the 19th may, but I expect this level to be broken easily in the coming days.
After that we have 500-505, 465 and finally 400.
My short term target on TSLA is 400, from there we could get a bounce, and then a push lower.
My longer term target is around 200 for now.
Any questions?
Good luck traders
Remember not to break your rules
Habib