Simple Pattern Targets for Tesla
Tesla looks bearish, a confirmed Head / Shoulders already moved down to its 1x measured target, TP 1.
For a bullish outlook, it first needs to get above the resistance area and the neckline of the Head / Shoulders pattern, but before we could consider reaching previous ATH or even a new ATH, it would also need to cross and hold above the right shoulder.
More likely, we continue facing resistance in the area marked on the chart (and at the 200 day EMA), and simply continue down to TP 2, around approx $76. It may see some consolidation around TP 1 and the halfway target to TP 1, where it is now, prior to heading further down.
Marking the chart short, but accounting for the bull scenario in case it does occur.
For a bullish outlook, it first needs to get above the resistance area and the neckline of the Head / Shoulders pattern, but before we could consider reaching previous ATH or even a new ATH, it would also need to cross and hold above the right shoulder.
More likely, we continue facing resistance in the area marked on the chart (and at the 200 day EMA), and simply continue down to TP 2, around approx $76. It may see some consolidation around TP 1 and the halfway target to TP 1, where it is now, prior to heading further down.
Marking the chart short, but accounting for the bull scenario in case it does occur.
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