TSLA: Will it be a BUY again or is it too late now?
Hello traders and investors! TSLA is doing exactly what we were expecting, and we see some good signs around today. In my last study, we identified an opportunity to buy TSLA, and in this post we'll continue the study and update some key points.
In the daily chart, we see that TSLA just did a brief retest of the $ 710 support area and it is bouncing back up nicely. What’s more, TSLA closed above the $ 792 and it did a candlestick pattern called Piercing Line, a bullish reversal pattern.
Today, TSLA is triggering the pattern, confirming our previous thoughts that it would go up today. The next resistance on TSLA is the 21 ema in the daily chart.
In the 1h chart, TSLA is breaking the 21 ema, and the volume increased a lot. These signs confirm a bottom for now, however I would be happier to see TSLA doing a clearer bullish structure. Honestly, I would like to see it dropping at $ 750 again, and if this happens, it'll be a buy again. It must not drop below this point, though, otherwise it might frustrate the possible reversal.
Since we lack stronger signs, the idea of a Dead Cat Bounce still haunts some investors. As I’ve been telling you guys, I don’t think it is the time to sell or short, as the good moment to do it was at $ 1,200, when the R/R ratio was very good. Now is the time to buy, as I mentioned in my previous analysis yesterday, as crazy as this sounds. The link to my last post is below, if you are curious.
To me, drops like this are just opportunities to take advantage of the panic. I’ll keep you guys updated every day on this, therefore, follow miss to not miss any of my future analyses.
In the daily chart, we see that TSLA just did a brief retest of the $ 710 support area and it is bouncing back up nicely. What’s more, TSLA closed above the $ 792 and it did a candlestick pattern called Piercing Line, a bullish reversal pattern.
Today, TSLA is triggering the pattern, confirming our previous thoughts that it would go up today. The next resistance on TSLA is the 21 ema in the daily chart.
In the 1h chart, TSLA is breaking the 21 ema, and the volume increased a lot. These signs confirm a bottom for now, however I would be happier to see TSLA doing a clearer bullish structure. Honestly, I would like to see it dropping at $ 750 again, and if this happens, it'll be a buy again. It must not drop below this point, though, otherwise it might frustrate the possible reversal.
Since we lack stronger signs, the idea of a Dead Cat Bounce still haunts some investors. As I’ve been telling you guys, I don’t think it is the time to sell or short, as the good moment to do it was at $ 1,200, when the R/R ratio was very good. Now is the time to buy, as I mentioned in my previous analysis yesterday, as crazy as this sounds. The link to my last post is below, if you are curious.
To me, drops like this are just opportunities to take advantage of the panic. I’ll keep you guys updated every day on this, therefore, follow miss to not miss any of my future analyses.
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