TSLA - RSI bearish, price bullish - US 10yr yield leads the waya
As markets digest the Fed's news conference and the US 10yr yield finds direction, I am looking for TSLA to react accordingly. If you look at US 10yr yield and TSLA intraday on 17March, you will see between 2-3 yields were rising and price dipped, and then the reverse happened towards close.
On the charts I have marked possible RSI movement. Of note is that RSI-14 dipped below 33.33 on both charts and this is a strong bearish indicator that a move up will reverse. This is only confirmed by price action, which was more bullish into the close as price stayed over the 30m resistance line. Price has fluctuated around it though and could reverse down, which would coincide with RSI (on 30m) hitting bear resistance zone.
If price moves up then it should go back to 800+. If price moves down I would look for another break of 600.
On the charts I have marked possible RSI movement. Of note is that RSI-14 dipped below 33.33 on both charts and this is a strong bearish indicator that a move up will reverse. This is only confirmed by price action, which was more bullish into the close as price stayed over the 30m resistance line. Price has fluctuated around it though and could reverse down, which would coincide with RSI (on 30m) hitting bear resistance zone.
If price moves up then it should go back to 800+. If price moves down I would look for another break of 600.
Comment:
The US 10-year yield spiked overnight and now stock price is below the 685 - 705 chop zone. Premarket price action shows a descending triangle, and price dipped below 680.