Hi Guys! This is a Technical Analysis on Tesla (TSLA) on the 3 Day Timeframe.
So we are continuing the move on Target from our Rejection, our Downtrend held by the Resistance Trend Line.
A break and confirm above the Resistance Trend Line will indicate a "Trend Change".
Till then we are being pushed DOWN in track on hitting our Targets:
1. 0.618 FIB level, around $224
2. Blue Moving Average, the 100 SMA
3. Green Moving Average, the 50 SMA
4. 0.5 FIB level, around $200
Our 1st target is the 0.618 FIB level, but notice how the 100 SMA is hovering just below it. So its likely that we test both.
So the natural order of things is that when Price moves above a Moving Average, we need to test it as SUPPORT before moving higher. So this is why i believe we test both 0.618 level and 100 SMA, since we have not yet tested SUPPORT.
Watch how we interact with this moving average.
Depending on when momentum comes in (indicated by indicators), we may have a strong bounce here due to convergence of 100 SMA & 0.618 FIB and continue upwards.
For this reason, this would be my 1st BUY ZONE.
Also Note the 50 SMA:
We are currently curved upwards, indicating further movement UP. So this line is continuosly changing. Since currently its ABOVE 0.5 FIB level, this area would be my 3rd target to watch.
If we end up breaking the 50 SMA, we may go to the 0.5 FIB level. But for now its less probable.
A Major event is also nearing. The 50 SMA/ 100 SMA GOLDEN CROSS.
Notice on your own charts, how everytime this occurs, TSLA explodes in price.
This cross may also prevent TSLA from reaching the 0.5 FIB level.
We would need to keep an eye out on the Macro timeframes for further specifics as well.
To get details on the Momentum lets look at the MACD.
We have recently crossed BEARISH on the MACD. With increasing size and number of RED histogram bars.
We need to see lighter colored RED bars. Eventually seeing GREEN bars for momentum to change BULLISH.
Also NOTE -> I'd prefer the BLue/Orange lines stay ABOVE the 0 level, indicating the continuation of the overall BULL trend in TSLA.
The STOCH RSI -> Also a momentum indicator. We have moved below the 20 level. It's crucial to watch out for the BULLISH cross (Blue line over Orange line) back above the 20 level. This will indicate injection of momentum back into TSLA.
The RSI -> Notice our current pattern where the Orange line has CROSSED below the Black line. Normally this indicates Price Declines.
So watch where the downward curve of the Black Line and downtrend of Orange line stops
Look for a Bullish cross of Orange line getting ABOVE Black line.
And just to give perspective, the Price we are at right now while i post this idea. We are 20% cheaper from th current highs.
TSLA has out performed many stocks in 2023. So this pullback presents great opportunity. Continue to watch these levels. Take action accordingly.
__________________________________________________________________________________
Thank you for taking the time to read my analysis. Hope it helped keep you informed. Please do support my ideas by boosting, following me and commenting. Thanks again.
***Read my Previous Analysis BELOW From 08/03/23 For More Context!
Stay tuned for more updates on TSLA in the near future.
If you have any questions, do reach out. Thank you again.
DISCLAIMER: This is not financial advice, i am not a financial advisor. The thoughts expressed in the posts are my opinion and for educational purposes. Do not use my ideas for the basis of your trading strategy, make sure to work out your own strategy and when trading always spend majority of your time on risk management strategy.
So we are continuing the move on Target from our Rejection, our Downtrend held by the Resistance Trend Line.
A break and confirm above the Resistance Trend Line will indicate a "Trend Change".
Till then we are being pushed DOWN in track on hitting our Targets:
1. 0.618 FIB level, around $224
2. Blue Moving Average, the 100 SMA
3. Green Moving Average, the 50 SMA
4. 0.5 FIB level, around $200
Our 1st target is the 0.618 FIB level, but notice how the 100 SMA is hovering just below it. So its likely that we test both.
So the natural order of things is that when Price moves above a Moving Average, we need to test it as SUPPORT before moving higher. So this is why i believe we test both 0.618 level and 100 SMA, since we have not yet tested SUPPORT.
Watch how we interact with this moving average.
Depending on when momentum comes in (indicated by indicators), we may have a strong bounce here due to convergence of 100 SMA & 0.618 FIB and continue upwards.
For this reason, this would be my 1st BUY ZONE.
Also Note the 50 SMA:
We are currently curved upwards, indicating further movement UP. So this line is continuosly changing. Since currently its ABOVE 0.5 FIB level, this area would be my 3rd target to watch.
If we end up breaking the 50 SMA, we may go to the 0.5 FIB level. But for now its less probable.
A Major event is also nearing. The 50 SMA/ 100 SMA GOLDEN CROSS.
Notice on your own charts, how everytime this occurs, TSLA explodes in price.
This cross may also prevent TSLA from reaching the 0.5 FIB level.
We would need to keep an eye out on the Macro timeframes for further specifics as well.
To get details on the Momentum lets look at the MACD.
We have recently crossed BEARISH on the MACD. With increasing size and number of RED histogram bars.
We need to see lighter colored RED bars. Eventually seeing GREEN bars for momentum to change BULLISH.
Also NOTE -> I'd prefer the BLue/Orange lines stay ABOVE the 0 level, indicating the continuation of the overall BULL trend in TSLA.
The STOCH RSI -> Also a momentum indicator. We have moved below the 20 level. It's crucial to watch out for the BULLISH cross (Blue line over Orange line) back above the 20 level. This will indicate injection of momentum back into TSLA.
The RSI -> Notice our current pattern where the Orange line has CROSSED below the Black line. Normally this indicates Price Declines.
So watch where the downward curve of the Black Line and downtrend of Orange line stops
Look for a Bullish cross of Orange line getting ABOVE Black line.
And just to give perspective, the Price we are at right now while i post this idea. We are 20% cheaper from th current highs.
TSLA has out performed many stocks in 2023. So this pullback presents great opportunity. Continue to watch these levels. Take action accordingly.
__________________________________________________________________________________
Thank you for taking the time to read my analysis. Hope it helped keep you informed. Please do support my ideas by boosting, following me and commenting. Thanks again.
***Read my Previous Analysis BELOW From 08/03/23 For More Context!
Stay tuned for more updates on TSLA in the near future.
If you have any questions, do reach out. Thank you again.
DISCLAIMER: This is not financial advice, i am not a financial advisor. The thoughts expressed in the posts are my opinion and for educational purposes. Do not use my ideas for the basis of your trading strategy, make sure to work out your own strategy and when trading always spend majority of your time on risk management strategy.
