TSLA has been a very interesting stock to watch. Since October 2019 TSLA rose 270% reaching its highest point at almost 1000$ per share, to then lose 60% of its value by mid March and gaining another 150% to reach current levels.
The volatility for this stock has been quite remarkable and offered great trading opportunities.
What to expect next from current levels?
From our technical prospective we se two possible scenarios playing out from the current move.
- The first scenario see price failing to break the red zone suggesting a retest of the 38% fib and eventually the 61.8% aligned with the neckline of the double bottom around 550 levels.
- The second require the price break the red resistance turning it into support for long entries aiming the yellow resistance which is the maximum extension of the given pattern.
Always keep in mind that trading is reactive so be patient and wait for price action to give you confirmations before to take any position.
The volatility for this stock has been quite remarkable and offered great trading opportunities.
What to expect next from current levels?
From our technical prospective we se two possible scenarios playing out from the current move.
- The first scenario see price failing to break the red zone suggesting a retest of the 38% fib and eventually the 61.8% aligned with the neckline of the double bottom around 550 levels.
- The second require the price break the red resistance turning it into support for long entries aiming the yellow resistance which is the maximum extension of the given pattern.
Always keep in mind that trading is reactive so be patient and wait for price action to give you confirmations before to take any position.