TSLA: Trading above a Triple-Support level!
Hello traders and investors! So, Tesla was added to the S&P 500, which certainly did bring some volatility here. Let’s see how it is doing today!
Tesla was added to the S&P and today we have a major sell-off, thanks to Covid-19. Despite that, the stock is quite resilient, and I see the $ 654 as the most important support for it at the moment.
Now, we have a purple trendline, and it should be another support for Tesla, in the short-term. Meaning that we have 3 support levels: The $ 654 (black line), the 21 ema, and the trendline.
Tesla would need to lose all these supports levels before it could do a pullback in the daily chart. Speaking of daily chart:
See the black line is visible here as well, along with the trendline. A pullback in the daily chart would bring Tesla to the 21 ema again, near the $ 600. It wouldn’t be easy, and we can’t count too much on that.
As long as Tesla keeps above the supports mentioned, there’s no reason to worry at all. Friday’s volume was incredibly high, and the trend is clearly bullish. A pullback to the 21 ema could be just an opportunity to buy.
In the worst-case scenario, Tesla will consolidate for a few days or weeks, but nothing scary. And if you liked this analysis, remember to follow me to keep in touch with my ideas! Support this idea if you liked it and have a good week!
Thank you very much.
Tesla was added to the S&P and today we have a major sell-off, thanks to Covid-19. Despite that, the stock is quite resilient, and I see the $ 654 as the most important support for it at the moment.
Now, we have a purple trendline, and it should be another support for Tesla, in the short-term. Meaning that we have 3 support levels: The $ 654 (black line), the 21 ema, and the trendline.
Tesla would need to lose all these supports levels before it could do a pullback in the daily chart. Speaking of daily chart:
See the black line is visible here as well, along with the trendline. A pullback in the daily chart would bring Tesla to the 21 ema again, near the $ 600. It wouldn’t be easy, and we can’t count too much on that.
As long as Tesla keeps above the supports mentioned, there’s no reason to worry at all. Friday’s volume was incredibly high, and the trend is clearly bullish. A pullback to the 21 ema could be just an opportunity to buy.
In the worst-case scenario, Tesla will consolidate for a few days or weeks, but nothing scary. And if you liked this analysis, remember to follow me to keep in touch with my ideas! Support this idea if you liked it and have a good week!
Thank you very much.
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