TSLA: Next scenarios to work with!
Hello traders and investors! Let’s see how TSLA is doing today! It’s been sometime since my last analysis about it, but I’ll update you guys today.
First, in the 1h chart, Tesla is inside what I like to call “Trap Zone”, between the resistance level at $ 718 and the ascending 21 ema. This zone is getting tighter as time passes, and at some point, Tesla must do a breakout, the question is if it’ll be up or downwards.
All lines in this chart have a meaning. If Tesla breaks downwards, then the $ 620 is the next target. If Tesla breaks upwards, then it has some resistances on its way, the first is the previous top at $ 745, and it has a gap to fill at $ 777. The purple trendline also could work as a resistance next.
Tesla did a false breakout from the support at $ 610, and now it is bouncing back up. In the daily chart we see that the $ 718 is also a Pivot Point, and if Tesla defeats it, the daily chart suggests that it’ll retest the $ 821 next.
What’s more, it seems the 21 ema is holding the price, and we’ll know for how long it’ll hold Tesla soon, thanks to the Trap Zone in the 1h chart, which brings a sense of urgency on Tesla.
Let’s proceed carefully on Tesla from now on, as it is very volatile and sensitive to the market’s mood. And if you want to keep in touch with my daily studies, remember to follow me, and please, support this idea if it helped!
Thank you very much. Have a nice weekend.
First, in the 1h chart, Tesla is inside what I like to call “Trap Zone”, between the resistance level at $ 718 and the ascending 21 ema. This zone is getting tighter as time passes, and at some point, Tesla must do a breakout, the question is if it’ll be up or downwards.
All lines in this chart have a meaning. If Tesla breaks downwards, then the $ 620 is the next target. If Tesla breaks upwards, then it has some resistances on its way, the first is the previous top at $ 745, and it has a gap to fill at $ 777. The purple trendline also could work as a resistance next.
Tesla did a false breakout from the support at $ 610, and now it is bouncing back up. In the daily chart we see that the $ 718 is also a Pivot Point, and if Tesla defeats it, the daily chart suggests that it’ll retest the $ 821 next.
What’s more, it seems the 21 ema is holding the price, and we’ll know for how long it’ll hold Tesla soon, thanks to the Trap Zone in the 1h chart, which brings a sense of urgency on Tesla.
Let’s proceed carefully on Tesla from now on, as it is very volatile and sensitive to the market’s mood. And if you want to keep in touch with my daily studies, remember to follow me, and please, support this idea if it helped!
Thank you very much. Have a nice weekend.
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