Price is currently testing a convergence of resistance.
If price is able to over come the current resistance area and confirm a weekly settlement above the upward arrow I've indicated on the chart, there's are a real possibility for TSLA to rally towards the descending channel structure currently indicated at $1175.
Upside timing could transpire over a period of 2 - 3 months.
If price fails as this area of resistance and sells off, there's a good chance price could stay within the current trend and trade towards the descending support currently at $675.
Downside timing could transpire over a period of 3 - 5 weeks.
The current weekly and daily channel structures remain bearish until we've established a new trend.
If price is able to over come the current resistance area and confirm a weekly settlement above the upward arrow I've indicated on the chart, there's are a real possibility for TSLA to rally towards the descending channel structure currently indicated at $1175.
Upside timing could transpire over a period of 2 - 3 months.
If price fails as this area of resistance and sells off, there's a good chance price could stay within the current trend and trade towards the descending support currently at $675.
Downside timing could transpire over a period of 3 - 5 weeks.
The current weekly and daily channel structures remain bearish until we've established a new trend.
Anthony Speciale, founder of Speciale Analysis offers an affordable approach for all traders to grow into their highest potential.