Hello Traders and Investors, today I will take a look at Tesla.
--------
Explanation of my video analysis:
After the triangle breakout and the bullish break and retest on Tesla stock back in 2020, we saw a significant rally of 1.500% towards the upside. For 3 years Tesla has now been trading in a decent bullish flag formation and just broke an important support area towards the downside. However at the moment Tesla is literally in no man's land so it is better to wait for the next retest of structure.
--------
Keep your long term vision, Philip (BasicTrading)
Comment
⋅
Seems like Tesla is still heading to $120, a major previous support level.
From there we could look for longs, until then it is best to wait...
@basictradingtv_ Thanks for the analysis! I really like your approach of using higher timeframes to provide very clear technical structures and entry points. However, I am also curious to understand why you do not take the 170 range into account (I am still a beginner in TA)? On a weekly timeframe this level seems to be pretty important to me.
basictradingtv
⋅
@responsibleFin68110, yes, $170 is a level to watch but pretty close to the $200 level which I mentioned so I did not draw it