Hello traders and investors! Let’s see how Tesla is doing today!
Yesterday, Tesla hit our target, the 21 ema in the daily chart, which we discussed in the analysis I did on Friday (link below, as usual), and now is the time for a reaction.
The hourly chart has a support level around the $ 425.40 (blue line), and Tesla is retesting it as well. Any reaction around here would be welcome, as Tesla is still bullish in the mid-term, and the daily chart confirm this:
Tesla is struggling at the 21 ema region, as expected, since it recently hit an important resistance zone, which is the $ 461.88.
So far, we see no reaction here, and the bears are still in charge in the short-term. But keep in mind that we have a dual support zone near the $ 425, which is made by the blue line in the hourly chart, and the 21 ema in the daily chart.
Any bullish reaction now would be a trigger for the bull trend return, and the $ 461.88 is the next pivot point that could lead TSLA to its All Time High again.
Let’s keep our eyes open, as now Tesla is at its most decisive moment! And if you like this analysis, please, support it! And follow me to keep in touch with my daily updates on Tesla and other stocks!
It all hinges on Pelosi and McConnell right now. They do a stimulus deal, you see TSLA hit those all time highs. No deal and TSLA hits 300 in a few weeks. Until then we see a lot of indecisive volatility. How did we become a country that is so dependent on two politicians?
Nathan_Black
⋅
@MichaelConn, Yep, the stimulus package is the most important driver right now, along with the elections. Then we have the news related to Covid. Either way, the next weeks are going to be intense.
Stay safe!
TomDen1
⋅
@Nathan_Black, do you think, the day after election, which ever team wins the stock market will shoot up?
goldenkat
⋅
Hi Nathan , check your inbox plz :)
dtpurple
⋅
Nathan_Black... thank you...
Right now, the market is loosing their gains... as far as I see, most are trading side way and worst, making lower low... including TSLA... the entire market is weird and no sense of direction... Patience is a key in this market.
i buy a 5 @ $ 454.50 thinking you i should keep? or rather get rid of it? ...
dtpurple
⋅
@mayerbox, It's hard to advice you on something like this... right now you're around 7%-ish lost... what is your stop loss target? Nobody is right all the time; but a plan should be in place when trading in term of profit taking and stop losing...
Nathan_Black
⋅
@mayerbox, Yep, @dtpurple nailed it. It is quite hard to answer, as it depends lot on your trading style, and you must have plan before going into any trade.