Hello traders and investors! Let’s see how TSLA is doing today!
In the 1h chart, we see how TSLA reacts well to the technique. The moment it lost the support at $ 896 (black line), it bounced back up again and retested this point again as a resistance, exactly as the Principle of Polarity states (previous supports/resistances will work as resistances/supports in the future). In addition, the $ 896 was just at the 21 ema, making it a dual-resistance level.
Only by breaking the $ 896, TSLA will have a decent chance of turning bullish again, and there are technical reasons for that. First, because this point is a pivot point in the 1h chart, as TSLA would do a new higher high, after the previous higher low, making it a bullish reversal pattern.
The next clue is on the daily chart:
Today’s candlestick is almost a Harami candlestick pattern, and by triggering this pattern, we’ll see another bullish structure to support a bullish thesis. In addition, we are trying to react above the 61.8% Fibonacci’s Retracement, a very good support level.
To sum up, if TSLA is about to react, now is the best time for it. It would have real chances of breaking the 21 ema in the daily chart, and the next stop would be the $ 1k. The problem is that we don’t see any confirmation on the charts that it could go up from here, meaning, no clear bullish structures. Only if TSLA loses today’s low it would deny the bullish reaction for good and seek the previous support level.
Let’s watch TSLA closely, and pay attention to the $ 896, as this is the most important key point for the short-term. I’ll keep you guys updated, so, remember to follow me to keep in touch with my daily analyses.
Have a good day,
Nathan.
In the 1h chart, we see how TSLA reacts well to the technique. The moment it lost the support at $ 896 (black line), it bounced back up again and retested this point again as a resistance, exactly as the Principle of Polarity states (previous supports/resistances will work as resistances/supports in the future). In addition, the $ 896 was just at the 21 ema, making it a dual-resistance level.
Only by breaking the $ 896, TSLA will have a decent chance of turning bullish again, and there are technical reasons for that. First, because this point is a pivot point in the 1h chart, as TSLA would do a new higher high, after the previous higher low, making it a bullish reversal pattern.
The next clue is on the daily chart:
Today’s candlestick is almost a Harami candlestick pattern, and by triggering this pattern, we’ll see another bullish structure to support a bullish thesis. In addition, we are trying to react above the 61.8% Fibonacci’s Retracement, a very good support level.
To sum up, if TSLA is about to react, now is the best time for it. It would have real chances of breaking the 21 ema in the daily chart, and the next stop would be the $ 1k. The problem is that we don’t see any confirmation on the charts that it could go up from here, meaning, no clear bullish structures. Only if TSLA loses today’s low it would deny the bullish reaction for good and seek the previous support level.
Let’s watch TSLA closely, and pay attention to the $ 896, as this is the most important key point for the short-term. I’ll keep you guys updated, so, remember to follow me to keep in touch with my daily analyses.
Have a good day,
Nathan.
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