TSLA: Will it fly again? Only if it breaks this resistance!
Hello traders and investors! Let’s see how Tesla is doing today!
First, in the 1h chart, we see that Tesla is engaged in a bull trend, as it is doing higher highs/lows since the end of the last month. The recent drop could be seen just as a pullback, and to be honest, Tesla could’ve dropped to the black line at $ 659.50, filling the gap at the yellow area, and this wouldn’t ruin the bull trend.
Today, we have a good reaction, and this could be the beginning of something new for the stock, as evidenced in the daily chart below:
In the daily chart, the trend is still bearish, but Tesla is tying very hard to reverse it. Today, Tesla is doing a Harami candlestick pattern (so far, it could close differently), and we have a pivot point at the blue line ($ 708.16). I would focus more on the $ 718 area, as this point seems to be more relevant. If defeated, then the trend will be officially bullish in the daily chart as well.
In the last two days, the volume decreased while Tesla was doing its pullback, which is a good sign. But still, given how the Nasdaq is looking, I find it very hard for Tesla to break its resistance at $ 718 this week. We might see some sideways movement next, before Tesla performs anything good next week.
We have reasons to be optimistic on Tesla, yes, but hardly things will be as easy as we want. And since you made it this far, remember to follow me to keep in touch with my daily studies, and please, support this idea if it helped you!
Thank you very much!
First, in the 1h chart, we see that Tesla is engaged in a bull trend, as it is doing higher highs/lows since the end of the last month. The recent drop could be seen just as a pullback, and to be honest, Tesla could’ve dropped to the black line at $ 659.50, filling the gap at the yellow area, and this wouldn’t ruin the bull trend.
Today, we have a good reaction, and this could be the beginning of something new for the stock, as evidenced in the daily chart below:
In the daily chart, the trend is still bearish, but Tesla is tying very hard to reverse it. Today, Tesla is doing a Harami candlestick pattern (so far, it could close differently), and we have a pivot point at the blue line ($ 708.16). I would focus more on the $ 718 area, as this point seems to be more relevant. If defeated, then the trend will be officially bullish in the daily chart as well.
In the last two days, the volume decreased while Tesla was doing its pullback, which is a good sign. But still, given how the Nasdaq is looking, I find it very hard for Tesla to break its resistance at $ 718 this week. We might see some sideways movement next, before Tesla performs anything good next week.
We have reasons to be optimistic on Tesla, yes, but hardly things will be as easy as we want. And since you made it this far, remember to follow me to keep in touch with my daily studies, and please, support this idea if it helped you!
Thank you very much!
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