TSLA: Trading near All Time High! Some support levels to watch.

Hello traders and investors! Let’s see how Tesla is doing today!

Tesla did a new record high yesterday, which is incredible, and now it is trading near this level again, meaning that Tesla is very resilient. The black line at $ 884 is the previous ATH , from Jan 08, and it is working as a resistance zone right now.

Today, Tesla managed to close above the $ 989, and since it was a resistance, now it is supposed to work as a support, according to the Principle of Polarity of the Technical Analysis .

Another support level is the 21 ema , which is close to the red line (another previous resistance). So, Tesla has several support levels, and the trend is clearly bullish .

Let’s se the daily chart now:

Yep, we did a breakout from this Pennant chart pattern, and usually this indicates that the bull trend will persist a little bit longer. The volume increased yesterday, which is another good sign, but since it’ll report earnings tomorrow, we may expect some volatility for sure.

Technically, Tesla could ruin the Pennant and drop to the 21 ema , and this wouldn’t ruin the bull trend at all, as the 21 ema is a very reliable support level for Tesla when it is trending.

Let’s monitor if it’ll keep above the $ 884, as this is the most important support level for the short-term! And if you liked this analysis, remember to follow me to keep in touch with my daily updates, and please, support this idea! You’ll find more analyses in the links below.

Thank you very much!

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+2 Reply
Nathan_Black Understanding789
@Understanding789, You are absolutely right! My bad!
+1 Reply
So far 3 waves off low. However, coming above 838.90 will give it a 5 wave appearance, if followed by another 3 wave correction, then a new high is possible.
Done Deal at $900.40. Principle of Polarity of the Technical Analysis?
The post market low violated support 819.1 down to 805.20, it has rebounded to low 840. Technically, if it maintains the support 819.10 a larger rebound may be on the table probably in a countertrend move. If a new high is seen it will not likely amount to much over 900.4. Coming significantly back under 819.10 will be further evidence that the top is in.
As previously stated a 5th of a 5th extended wave with a terminal triangle thrust beneath most expectations at $900.40. TSLA down nearly $50 on post market. It's being dumped, probable support $564-68, under that $370-90. Funny how early morning headlines advised against short selling when it was time to short sell.
detailed update for TSLA traders, appreciate your effort
Thank you for the analysis!!!
@huangji8, Thank you for the support, Huang! I'm glad you like my analyses :)
Nicely written, thanks for sharing👌👌
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