TSLA: Key Points we all must keep in mind!
Hello traders and investors! Let’s see how Tesla is doing today!
The area between the $ 780 and $ 762 (black and blue lines) seems to be working as a support level for Tesla, in the short-term, and this could trigger a reaction strong enough to change the trend in the next few days.
The short-term trend is clearly bearish, and the 21 ema is going down along with the price. But maybe Tesla has a Pivot Point at $ 799.80, which could make it seek for higher resistances, like the purple trendline, or even the $ 880 again.
But Tesla would need to defeat the pivot point and the 21 ema (and make it point up again) in order to confirm this movement.
Just like the black and blue lines in the 1h chart represent a support zone, the yellow area between the $ 880 and $ 900 (light blue lines) represents a resistance zone. Given the low volume, we can assume that Tesla is trapped inside a congestion.
But Tesla must not lose the $ 780 again, as this could trigger a sharper pullback to the $ 695 (previous top). We can’t tell which direction Tesla will go from now, so, let’s keep our eyes open here. And remember to follow me to keep in touch with my daily analyses on stocks, and please, support this idea if you liked!
You'll find more analyses in the links below.
Thank you very much.
The area between the $ 780 and $ 762 (black and blue lines) seems to be working as a support level for Tesla, in the short-term, and this could trigger a reaction strong enough to change the trend in the next few days.
The short-term trend is clearly bearish, and the 21 ema is going down along with the price. But maybe Tesla has a Pivot Point at $ 799.80, which could make it seek for higher resistances, like the purple trendline, or even the $ 880 again.
But Tesla would need to defeat the pivot point and the 21 ema (and make it point up again) in order to confirm this movement.
Just like the black and blue lines in the 1h chart represent a support zone, the yellow area between the $ 880 and $ 900 (light blue lines) represents a resistance zone. Given the low volume, we can assume that Tesla is trapped inside a congestion.
But Tesla must not lose the $ 780 again, as this could trigger a sharper pullback to the $ 695 (previous top). We can’t tell which direction Tesla will go from now, so, let’s keep our eyes open here. And remember to follow me to keep in touch with my daily analyses on stocks, and please, support this idea if you liked!
You'll find more analyses in the links below.
Thank you very much.
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