Hello traders and investors! Let’s see how TSLA is doing today!
It’s been a while since my last analysis (here on TradingView, at least), so we have a few things to update.
After such an impressive bullish leg, TSLA is finally showing signs of exhaustion, and today it triggered a Head and Shoulders chart pattern in the 1h chart. Notice how the “right shoulder” occurred just below the 21 ema, indicating that TSLA is indeed very weak now.
However, we have a few support levels that have been working nicely, at least for now. The first one is the red line at $ 1,041.61, which is the area of a previous gap. Below this point, we have the $ 1,000 support. Now, let’s see the daily chart for more clues:
Coincidence or not, the gap area in the 1h chart is at the same price level the 21 ema in the daily chart is, making it a Dual-Support area. Now, TSLA must react as quickly as possible, because if we lose this dual-support area, it might drop to lower levels.
Yes, the $ 1,000 is a good support level, but we are dangerously close to it, and maybe the gap at $ 910 in the daily chart is going to be our next target. I’m saying this because we don’t see a good reaction near the support at $ 1,041. If we see one, then we might see some stabilization, or even a reversal. For now, all we can say is that the momentum is bearish in the short-term.
The trend is still bullish in the mid-term, as we don’t see any bearish structure, just a normal pullback to the 21 ema. That’s why it is important for it to react quickly.
If you liked this analysis, remember to follow me to keep in touch with my daily updates on stock and indices!
Have a good day,
Nathan.
It’s been a while since my last analysis (here on TradingView, at least), so we have a few things to update.
After such an impressive bullish leg, TSLA is finally showing signs of exhaustion, and today it triggered a Head and Shoulders chart pattern in the 1h chart. Notice how the “right shoulder” occurred just below the 21 ema, indicating that TSLA is indeed very weak now.
However, we have a few support levels that have been working nicely, at least for now. The first one is the red line at $ 1,041.61, which is the area of a previous gap. Below this point, we have the $ 1,000 support. Now, let’s see the daily chart for more clues:
Coincidence or not, the gap area in the 1h chart is at the same price level the 21 ema in the daily chart is, making it a Dual-Support area. Now, TSLA must react as quickly as possible, because if we lose this dual-support area, it might drop to lower levels.
Yes, the $ 1,000 is a good support level, but we are dangerously close to it, and maybe the gap at $ 910 in the daily chart is going to be our next target. I’m saying this because we don’t see a good reaction near the support at $ 1,041. If we see one, then we might see some stabilization, or even a reversal. For now, all we can say is that the momentum is bearish in the short-term.
The trend is still bullish in the mid-term, as we don’t see any bearish structure, just a normal pullback to the 21 ema. That’s why it is important for it to react quickly.
If you liked this analysis, remember to follow me to keep in touch with my daily updates on stock and indices!
Have a good day,
Nathan.
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