TSLA: Key Points to watch for the short/mid-term!
Hello traders and investors! Let’s analyze Tesla today!
First, Tesla lost the support at $ 847, which is now working as a resistance, following the Principle of Polarity of Technical Analysis, but we are still inside what is called Trap Zone.
The price is in the area between its resistance and the 21 ema, and Tesla could explode to any direction from here. But we have some interesting key points to keep in mind.
The last gap wasn’t filled, but it still could be, making it an Exhaustion Gap. If that’s the case, the pullback could be seen in the daily chart as well.
Some might say Tesla did a Hanging Man candlestick pattern on Friday, I won’t disagree, but regardless if this is valid or not, we all must agree that if Tesla closes under Friday’s low, we’ll see something new. Tesla rarely closes under the previous day’s low when it is trending, and this could indicate that Tesla needs to rest a little.
Historically speaking, the 21 ema is a good support candidate for Tesla in the next few days, if the signs are triggered in the hourly chart. I think the $ 695 would be too optimistic.
Aside from Friday, the volume was quite low on Tesla during the last bull leg, which may indicate that this is the final phase of the bull trend, and Tesla needs to rest a little bit more before it can resume it.
I’m not saying that the trend is about to be reversed, as so far, we have no reversal sign. I’m saying that we may expect a correction, which is a good thing, as it usually offers opportunities for us all.
The way that Tesla will close today will be very important for the next few days, so, let’s keep our eyes open. And if you liked this analysis, remember to follow me to keep in touch with my daily studies. Check the link below for more analyses, and remember to support this idea as well!
Thank you very much. Have a great Monday.
First, Tesla lost the support at $ 847, which is now working as a resistance, following the Principle of Polarity of Technical Analysis, but we are still inside what is called Trap Zone.
The price is in the area between its resistance and the 21 ema, and Tesla could explode to any direction from here. But we have some interesting key points to keep in mind.
The last gap wasn’t filled, but it still could be, making it an Exhaustion Gap. If that’s the case, the pullback could be seen in the daily chart as well.
Some might say Tesla did a Hanging Man candlestick pattern on Friday, I won’t disagree, but regardless if this is valid or not, we all must agree that if Tesla closes under Friday’s low, we’ll see something new. Tesla rarely closes under the previous day’s low when it is trending, and this could indicate that Tesla needs to rest a little.
Historically speaking, the 21 ema is a good support candidate for Tesla in the next few days, if the signs are triggered in the hourly chart. I think the $ 695 would be too optimistic.
Aside from Friday, the volume was quite low on Tesla during the last bull leg, which may indicate that this is the final phase of the bull trend, and Tesla needs to rest a little bit more before it can resume it.
I’m not saying that the trend is about to be reversed, as so far, we have no reversal sign. I’m saying that we may expect a correction, which is a good thing, as it usually offers opportunities for us all.
The way that Tesla will close today will be very important for the next few days, so, let’s keep our eyes open. And if you liked this analysis, remember to follow me to keep in touch with my daily studies. Check the link below for more analyses, and remember to support this idea as well!
Thank you very much. Have a great Monday.
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