Hello traders and investors! Let’s see how TSLA is doing today!
Naturally, it is dropping along with the entire market, but we may find some reasons to not panic, at least. First, in the 1h chart, we have a crash, not the beginning of a bear trend, as we lack bearish structures (like a lower high/low).
However, we are losing the purple trendline in the 1h chart, and this is annoying. It would require a fantastic movement in order to reverse this bearish sentiment, which is not something we can count too much (but we can't discard this possibility either). Let's see the daily chart for more info:
In the daily chart, we are losing the 21 ema, and it seems nothing can help us here. We don't have any reaction, so, as far as we know, TSLA is seeking the next support, at $728, which is the purple trendline area in the daily chart, and the previous support level.
The volume is looking good, but the only thing missing is a bullish pattern near its support levels. We must wait for more signs before jumping into any conclusions. It is not the time to buy yet, but it is not the time to sell in my view. It is the time to patiently wait for an openning.
If you liked this analysis, remember to follow me to keep in touch with my daily updates, and support this idea if it helped you in some way.
Have a good week!
Naturally, it is dropping along with the entire market, but we may find some reasons to not panic, at least. First, in the 1h chart, we have a crash, not the beginning of a bear trend, as we lack bearish structures (like a lower high/low).
However, we are losing the purple trendline in the 1h chart, and this is annoying. It would require a fantastic movement in order to reverse this bearish sentiment, which is not something we can count too much (but we can't discard this possibility either). Let's see the daily chart for more info:
In the daily chart, we are losing the 21 ema, and it seems nothing can help us here. We don't have any reaction, so, as far as we know, TSLA is seeking the next support, at $728, which is the purple trendline area in the daily chart, and the previous support level.
The volume is looking good, but the only thing missing is a bullish pattern near its support levels. We must wait for more signs before jumping into any conclusions. It is not the time to buy yet, but it is not the time to sell in my view. It is the time to patiently wait for an openning.
If you liked this analysis, remember to follow me to keep in touch with my daily updates, and support this idea if it helped you in some way.
Have a good week!
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