Seeing a descending wedge on TSLA forming. Here are 3 scenarios I am looking for:
1. It bounced off the 50 day moving average and has to break past the descending wedge resistance at about $815 and stay above for it to climb
2. It gets rejected at $815 and goes back down to the 100 Day Moving average, where it consolidates and makes up its mind
3. It breaks down completely and heads towards the 200 day moving average around $600 (highly unlikely as the last time it did that was COVID)
1 - Likely, looks like TSLA bounced off of this and now has to break pass $815 and stay above to be bullish.
2 - Less likely, TSLA hasn't touched the 100 day since COVID. I can't see it going this low ($685 range)
3 - Highly unlikely IMO, would need a bearish catalyst for me to think it goes this low.
*Not financial advice, just my personal opinion.
1. It bounced off the 50 day moving average and has to break past the descending wedge resistance at about $815 and stay above for it to climb
2. It gets rejected at $815 and goes back down to the 100 Day Moving average, where it consolidates and makes up its mind
3. It breaks down completely and heads towards the 200 day moving average around $600 (highly unlikely as the last time it did that was COVID)
1 - Likely, looks like TSLA bounced off of this and now has to break pass $815 and stay above to be bullish.
2 - Less likely, TSLA hasn't touched the 100 day since COVID. I can't see it going this low ($685 range)
3 - Highly unlikely IMO, would need a bearish catalyst for me to think it goes this low.
*Not financial advice, just my personal opinion.