Recovery on the horizon?
Greetings All,
Everyone is looking for good news for TSLA in the midst of a bearish first quarter right? The sky is falling, the stock is overbought, back to $400, EV market is overextended, etc. Yes, I've witnessed the negative sentiment as well.
Here's the BLUF: TSLA is in consolidation (neutral), and since it is consolidating from a downtrend, it is neutral-bearish. However, it is consolidating between the 38% and 61.8% retracement areas, while staying above the 200MA ($535) on the daily. Therefore, technically, the long-term trend for TSLA is still bullish. Furthermore, The weekly lows have been ascending, while the highs encounter resistance around $712, which makes the pattern an ascending triangle. Ascending triangles are intrinsically bullish.
On the weekly charts, the support is solid around $400, based on 14 weeks (4 months) of consolidation. TSLA retracing to the 50%, 61.8% levels is normal. Looking at the TD Sequential indicator, we are nearing the completion of a #9 bar. In order for #9 to print, it must close lower than bar #5, which suggests TSLA should close below $600 next week, roughly at the %61.8 retracement area, which also coincides with closing the $30 gap created on 9 March. If this happens, a reversal to the upside is possible around the week beginning 05 April. You can learn more about the TD Sequential theory using the source below.
Gap Analysis: TSLA should close the $565 - $595 gap before recovery
Happy Trading!
Source:
tradetrekker.wordpress.com/tdsequential/
Disclaimer. My ideas are for informational purposes only. My ideas do not constitute solicitation, recommendation, endorsement, or offer to buy or sell any securities or other financial instruments. You should not construe any such information or other comments as legal, tax, investment, financial, or other advice. There are risks associated with investing in securities. Investing in stocks, bonds, exchange traded funds, mutual funds, options and money market funds involve risk of loss. Loss of principal is possible. Please exercise your own due diligence.
Everyone is looking for good news for TSLA in the midst of a bearish first quarter right? The sky is falling, the stock is overbought, back to $400, EV market is overextended, etc. Yes, I've witnessed the negative sentiment as well.
Here's the BLUF: TSLA is in consolidation (neutral), and since it is consolidating from a downtrend, it is neutral-bearish. However, it is consolidating between the 38% and 61.8% retracement areas, while staying above the 200MA ($535) on the daily. Therefore, technically, the long-term trend for TSLA is still bullish. Furthermore, The weekly lows have been ascending, while the highs encounter resistance around $712, which makes the pattern an ascending triangle. Ascending triangles are intrinsically bullish.
On the weekly charts, the support is solid around $400, based on 14 weeks (4 months) of consolidation. TSLA retracing to the 50%, 61.8% levels is normal. Looking at the TD Sequential indicator, we are nearing the completion of a #9 bar. In order for #9 to print, it must close lower than bar #5, which suggests TSLA should close below $600 next week, roughly at the %61.8 retracement area, which also coincides with closing the $30 gap created on 9 March. If this happens, a reversal to the upside is possible around the week beginning 05 April. You can learn more about the TD Sequential theory using the source below.
Gap Analysis: TSLA should close the $565 - $595 gap before recovery
Happy Trading!
Source:
tradetrekker.wordpress.com/tdsequential/
Disclaimer. My ideas are for informational purposes only. My ideas do not constitute solicitation, recommendation, endorsement, or offer to buy or sell any securities or other financial instruments. You should not construe any such information or other comments as legal, tax, investment, financial, or other advice. There are risks associated with investing in securities. Investing in stocks, bonds, exchange traded funds, mutual funds, options and money market funds involve risk of loss. Loss of principal is possible. Please exercise your own due diligence.
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