Hello traders and investors! Let’s see what’s going on with Tesla now!
First, we see a pullback on the hourly chart, which is natural, as Tesla just hit the resistance at the purple trendline, and it couldn’t close above the green line at $ 425.81.
The 21 ema is flat now, and it is a natural support, along with the blue line at $ 419. If Tesla trades above the $ 425 it’ll trigger a Double Bottom pattern, and this would be a good signal for Tesla, and the previous resistances will work as targets.
Right now, Tesla is inside a Trap Zone, between its supports and resistances. It could go anywhere from here, but let’s keep in mind that the $ 406 is still the most important point to keep in mind.
Now, the daily chart:
Tesla is inside a congestion, and if it defeats the trendline and the $ 425 (hourly chart), the optimal target would be the $ 461.88. On the other hand, if it loses the $ 406, then the next support would be $ 359.
Either way, the volume is still low, and we must see it increasing if we want Tesla at the All Time High again. Also, since it already released its Earnings, probably it’ll just follow Nasdaq for some time, as we lack major drivers.
For now, we must be aware of the Trap Zone in the hourly chart. The next movement will be decided from there! And if this analysis helped, please, support it! And follow me to keep in touch with my daily updates and studies.