TSLA: Watching Convergence
Subject: Watching Convergence
TSLA looks to be coming up on a price shift after Thanksgiving, roughly on 11/28/23. The RSI seems to be losing momentum and there is established resistance at the $243 range. Outside of any news based momentum shifts, I see the price retracing to past support levels at the $194 or $165 levels respectively. This is further supported by the range sentiment, signaling more bearish intent over the last 70 days.
There is however a chance of upside if the price breaks above the $243 range. I would then have a price target of $278. Seeing a potential double bottom pattern, could also showcase more upside potential. I do see the holiday retail season keeping TSLA above $165 before the next earnings release in January. I will continue monitoring the price leading up to 11/28/23.
TSLA looks to be coming up on a price shift after Thanksgiving, roughly on 11/28/23. The RSI seems to be losing momentum and there is established resistance at the $243 range. Outside of any news based momentum shifts, I see the price retracing to past support levels at the $194 or $165 levels respectively. This is further supported by the range sentiment, signaling more bearish intent over the last 70 days.
There is however a chance of upside if the price breaks above the $243 range. I would then have a price target of $278. Seeing a potential double bottom pattern, could also showcase more upside potential. I do see the holiday retail season keeping TSLA above $165 before the next earnings release in January. I will continue monitoring the price leading up to 11/28/23.
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