ThinkingAntsOk

TSLA current situation + possible directions.

NASDAQ:TSLA   Tesla, Inc
Today, we will look at TSLA and the current situation we are in.

Technical context:

- The price is currently on an ABC flag pattern (yellow lines)
- The price is close to an ascending trendline coming from March 2020
- The price has reached a major support level (900.00)

What can we expect from here?

Bullish perspective: Inside the flag pattern , we can see a white descending trendline, defining the current bearish movement. IF the price breaks it, and we observe a retest (throwback) of it, a new high after that may be a confirmation of a bullish movement towards the higher trendline of the corrective pattern.

Bearish perspective: If the price breaks the ascending trendline and makes a clear retest (pullback) of the ascending trendline, a new low after that may be a confirmation of a bearish movement towards the next support zone at 560.00

The main purpose of this post is to define situations, levels, and structures that may be useful for different types of traders. Thanks for reading!

If you want to become a consistent and profitable Swing Trader and achieve 40%+ returns, in the same way, we do it.
Send me a DM on telegram "Swing Trading" https://t.me/thinkingants and let see if you would be a good fit for our program
Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.