TSLA to restest Trend Resistance at $780, but first things first
Greetings All,
TSLA may retest trend resistance ($780) in an attempt to close the gap, prior to 21 May 2021. The primary (weekly) resistance has been $712 around the 38% retracement level. If we break above this horizontal resistance, the next test is the trend resistance at $780. Trend support has been strong for several months. Market bottom occurred on 5 Mar 21 around $540. TSLA is still in corrective pattern, so be cautious with a breakout above resistance at $780 as it may simple be the B leg of an ABC corrective wave.
Happy Trading!
Disclaimer. My ideas are for informational purposes only. You should not construe any such information or other material as legal, tax, investment, financial, or other advice. There are risks associated with investing in securities. Investing in stocks, bonds, exchange traded funds, mutual funds, options and money market funds involve risk of loss. Loss of principal is possible. Exercise your own due diligence.
TSLA may retest trend resistance ($780) in an attempt to close the gap, prior to 21 May 2021. The primary (weekly) resistance has been $712 around the 38% retracement level. If we break above this horizontal resistance, the next test is the trend resistance at $780. Trend support has been strong for several months. Market bottom occurred on 5 Mar 21 around $540. TSLA is still in corrective pattern, so be cautious with a breakout above resistance at $780 as it may simple be the B leg of an ABC corrective wave.
Happy Trading!
Disclaimer. My ideas are for informational purposes only. You should not construe any such information or other material as legal, tax, investment, financial, or other advice. There are risks associated with investing in securities. Investing in stocks, bonds, exchange traded funds, mutual funds, options and money market funds involve risk of loss. Loss of principal is possible. Exercise your own due diligence.
Comment:
Breakout! Next target is $780 (Trend Resistance)
Trade closed: target reached:
As anticipated, TSLA hit trend resistance ($780) and retraced. TSLA may now pull back to the $650 area. Let's wait and see.