Hello traders and investors! Let’s see how Tesla is doing today!
Ok, the volatility increased a lot here, and this was already expected, due to its Earnings Release yesterday. But Tesla is trading above a support level, and we discussed in my previous analysis, any bullish reaction would be welcome here.
Tesla hit the $ 442.50, which is a previous support, and today it worked as a resistance. Also, the 21 ema is starting to get flat, and Tesla is trading above it. This indicates that the bearish momentum in the hourly chart is staring to lose strength, and the daily chart will give us more clues:
It seems we have an Ascending Triangle chart pattern now, and Tesla is near its bottom, which is the purple trendline.
In my last analysis, I said that Tesla was in a dual-support zone, made by the $ 425.40 (hourly chart) and the 21 ema in the daily chart. But we also have this purple trendline, so we are in a triple-support zone instead.
Usually, ascending triangles are bullish patterns, but this is not a rule. We see no clear reaction on it today (thanks to the high volatility), but Tesla is in a buy point, and as long it continues trading above the 21 ema in the hourly chart and above the purple trendline in the daily chart the trend will continue bullish.
If Tesla loses these supports, we’ll have to update our study. Meanwhile, these are the most important points to keep in mind, and if this idea helped you, please, support it! And follow me to keep in touch with my updates on Tesla and other stocks.
Have a great day.
Ok, the volatility increased a lot here, and this was already expected, due to its Earnings Release yesterday. But Tesla is trading above a support level, and we discussed in my previous analysis, any bullish reaction would be welcome here.
Tesla hit the $ 442.50, which is a previous support, and today it worked as a resistance. Also, the 21 ema is starting to get flat, and Tesla is trading above it. This indicates that the bearish momentum in the hourly chart is staring to lose strength, and the daily chart will give us more clues:
It seems we have an Ascending Triangle chart pattern now, and Tesla is near its bottom, which is the purple trendline.
In my last analysis, I said that Tesla was in a dual-support zone, made by the $ 425.40 (hourly chart) and the 21 ema in the daily chart. But we also have this purple trendline, so we are in a triple-support zone instead.
Usually, ascending triangles are bullish patterns, but this is not a rule. We see no clear reaction on it today (thanks to the high volatility), but Tesla is in a buy point, and as long it continues trading above the 21 ema in the hourly chart and above the purple trendline in the daily chart the trend will continue bullish.
If Tesla loses these supports, we’ll have to update our study. Meanwhile, these are the most important points to keep in mind, and if this idea helped you, please, support it! And follow me to keep in touch with my updates on Tesla and other stocks.
Have a great day.
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👉 Join the 5%: thefinancehydra.com/
💲💲 Project 5%: + 104%
🔹 S&P500: +35%
💪 Public track record.
