Hello traders and investors! Let’s see how Tesla is doing today!
The hourly chart is struggling to defeat the blue line at $ 419, and the 21 ema is still pointing down. This makes the trend bearish in the short-term, but we still have important support at $ 406 zone.
Tesla did several technical movements lately, just take the red line for instance ($ 442). It worked as a support, and after it was lost, Tesla retested it as a resistance, and the same goes for the blue line at $ 419.
Now, I believe the daily chart will offer us more clues:
Yes, Tesla is inside a congestion. The 21 ema is flat, and the price is almost ignoring it. The support at $ 406 can be seen from here as well, and if Tesla loses it, there are no supports other than $ the purple line at $ 359.
The volume is decreasing, and this tells us that the market is losing interest in Tesla right now. Historically speaking, Tesla does accumulations with low volume, before it explodes again, but this one is taking longer. Maybe because it is a time correction on the weekly chart? If that’s the case, Tesla will continue to move sideways for a few weeks.
Either way, the $ 406 is the most important point right now. Let’s see how to proceed when today’s candlestick closes. And if you liked this analysis, please, support it! And follow me to keep in touch with my daily updates on Tesla and other stocks.
Have a great Monday!
The hourly chart is struggling to defeat the blue line at $ 419, and the 21 ema is still pointing down. This makes the trend bearish in the short-term, but we still have important support at $ 406 zone.
Tesla did several technical movements lately, just take the red line for instance ($ 442). It worked as a support, and after it was lost, Tesla retested it as a resistance, and the same goes for the blue line at $ 419.
Now, I believe the daily chart will offer us more clues:
Yes, Tesla is inside a congestion. The 21 ema is flat, and the price is almost ignoring it. The support at $ 406 can be seen from here as well, and if Tesla loses it, there are no supports other than $ the purple line at $ 359.
The volume is decreasing, and this tells us that the market is losing interest in Tesla right now. Historically speaking, Tesla does accumulations with low volume, before it explodes again, but this one is taking longer. Maybe because it is a time correction on the weekly chart? If that’s the case, Tesla will continue to move sideways for a few weeks.
Either way, the $ 406 is the most important point right now. Let’s see how to proceed when today’s candlestick closes. And if you liked this analysis, please, support it! And follow me to keep in touch with my daily updates on Tesla and other stocks.
Have a great Monday!
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👉 Join the 5%: thefinancehydra.com/
💲💲 Project 5%: + 104%
🔹 S&P500: +35%
💪 Public track record.