Hello traders and investors! Ok, Tesla did a fantastic movement today! Let’s see what’s going on with it.
First, the hourly chart suggests that Tesla just did a retest of one of its supports (red line around $ 408) and the price bounced up again above the purple trendline and above the 21 ema, and only if Tesla loses these two points the bull trend will get weaker.
Also, as long it continues to trade between these two red lines, nothing new will happen to Tesla, as they are the most important Pivot Points for the stock right now.
Now, let’s look at the daily chart:
It is interesting to note that the retest of the lower red line coincides with a pullback to the 21 ema in the daily chart, reinforcing our view that this is an important support for TSLA.
The stock is still in a bull trend, and I see no clear reversal signs at it. Only if Tesla loses the 21 ema again and triggers the pivot point at $ 408 we’ll see a reversal sign. Until then, it seems the stock is just doing a correction.
If it defeats the upper red line ($461) the next target is the All Time High again. Let’s see how TSLA will behave next, and if you liked this analysis, please, support it! And follow me to keep in touch with my daily analyses! I’m sure you’ll find something you like around here.
Either way, today's candlestick is quite powerful. It is leaving a huge shadow under the candle's body, and this means a lot to me. I always tell you, shadows are like scars on the chart. The bears dominated for a while, but the bulls pushed them away, far from its support level - a reminder that there are buyers at that zone. Each candlestick tells us a story, and I'm looking forward to seeing the outcome of today's battle.
Stay safe.
First, the hourly chart suggests that Tesla just did a retest of one of its supports (red line around $ 408) and the price bounced up again above the purple trendline and above the 21 ema, and only if Tesla loses these two points the bull trend will get weaker.
Also, as long it continues to trade between these two red lines, nothing new will happen to Tesla, as they are the most important Pivot Points for the stock right now.
Now, let’s look at the daily chart:
It is interesting to note that the retest of the lower red line coincides with a pullback to the 21 ema in the daily chart, reinforcing our view that this is an important support for TSLA.
The stock is still in a bull trend, and I see no clear reversal signs at it. Only if Tesla loses the 21 ema again and triggers the pivot point at $ 408 we’ll see a reversal sign. Until then, it seems the stock is just doing a correction.
If it defeats the upper red line ($461) the next target is the All Time High again. Let’s see how TSLA will behave next, and if you liked this analysis, please, support it! And follow me to keep in touch with my daily analyses! I’m sure you’ll find something you like around here.
Either way, today's candlestick is quite powerful. It is leaving a huge shadow under the candle's body, and this means a lot to me. I always tell you, shadows are like scars on the chart. The bears dominated for a while, but the bulls pushed them away, far from its support level - a reminder that there are buyers at that zone. Each candlestick tells us a story, and I'm looking forward to seeing the outcome of today's battle.
Stay safe.
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