• TSLA has finally made a bottom signal above the support line at 154.76, indicating that it should jump to higher levels; • The problem is the key point around 164, a previous support level that is acting as a resistance now. This is the same key point we mentioned in our previous TSLA analysis – the link is below this post, as usual; • Also, despite the bearish signal, there is no bullish reversal signal (two different things) - as long as TSLA remains below 21 EMA, sentiment will remain bearish (medium-term); • If TSLA loses support at 154.76, that would frustrate this bottom signal, and TSLA would just fill the gap at 146 next.
• On the 1-hour chart, we see that TSLA is reversing the trend, as it is making higher highs and higher lows. The 21 ema is still flat, and price is dancing around it, but TSLA has given us some promising signals in this time-frame; • The line at 157 was the trigger point of a Double Bottom chart pattern (as evidenced by the red lines), and that line appears to be acting as support now; • To see TSLA jump to higher levels on the daily chart, it must confirm a continuation on the 1-hour chart, which means it must react as soon as possible, preferably above the 157 line - otherwise, this bullish thesis may be frustrated; • For now, the two key points are the support at 157 and the resistance at 164. A breakout in either direction could bring something new for us. I will keep you updated on this.
I will keep you updated on this. Remember to follow me for my daily analysis.
Nice charting Nathan ...so much appreciate how you moved us through different chart time frames!!! Doesn't the last chart, the 1 hour chart, look like the Bears are in charge again...look at the size of those black real bodies coming back down toward support to test it maybe for the final time before heading to $146? I'll keep following you to find out...many thanks...
Nathan_Black
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@mjstach1, I appreciate the feedback! Indeed, the fight is intense in this range, but as long as TSLA keeps trading above its key support, it won't trigger a bearish reversal to the 146. We must see more confirmation. :)
mjstach1
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@Nathan_Black, Hi Nathan...you have patience...I'm tryikng to wait for a signal like you are suggesting. I was fearful of doing anything with Tesla after Chaikin made an announcement that Tesla is the worst stock and to stay away from it...then yesterday Motley Fool just announced a buy for Tesla and they typically impact the market I think waaay more than Chaikin. Anyway...my personal bias was hoping the window around $146 would close but like you said..it just hasn't given a bearish signal and doesn't want to turn down and maybe this (Motley Fool) will be what it takes to get buyers back into the market?
mjstach1
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@mjstach1, Just before the open I bought 10 long at 163.94...I just knew after Motley Fools recommendation it would take off...should have bought more. Sooooo? Where are the next places to buy more maybe on a pull back? I'm guessing today will help make the candles unfold into a signal??
mjstach1
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@mjstach1, Just before the open I bought 10 at 163.94...I just knew after Motley Fools recommendation it would take off...should have bought more. Sooooo? Where are the next places to to have a change to buy more maybe on a pull back? I'm guessing today will help make the candles unfold into a signal??
mjstach1
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@mjstach1, ooops sorry for repeat was tweaking and well you now have 2 replies sorry
Nathan_Black
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@mjstach1, That's interesting! I didn't know they recommended TSLA.
mjstach1
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@Nathan_Black, Yes I agree. And, the buyers came rushing in...who knows if their impact will actually sustain a rally BUT maybe it will get Tesla back on a positive trend? Chaikin (another influencer with lots of member followers and has an impact) recommended BLDR (take a look at it since then)at the same time he trashed Tesla which made many including myself very hesitant to go against a 50 year veteran!! However...in comes...Motley Fool and recommends Tesla from a fundamental position. Anyway...now we'll see how long the new buyers can sustain a rally or will those rascal bears take over and pound Tesla down even though fundamentally it is likely oversold. I think in my humble opinion. As a technical chartist is looking at fundamentals recommended? Or just go by the signals the market gives us?
MartinSchnellmann
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Ist the yellow canle a bullish engulfing? In which timeframe?
Nathan_Black
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@MartinSchnellmann, Yes, it is! And this is the daily chart, just look at the watermark. If there's a "D" it means daily.