TSLA, Approaching Target-Zone, Important Level To Consider Now!

Hello Traders Investors And Community, welcome to this update-analysis where we are looking at TSLA 4-hour timeframe perspective, the occurred events, the current formational structure, what we can expect next time, and how to handle the situation appropriately. TSLA established a protracted and strong uptrend where it moved with exponential growth to the upside, not only because of technical matters but also because the company is expanding with its new electronic car technology where classical car producer still need to catch up, as mentioned already there are gainers since corona crisis established and other companies which didn't do so well as this was also the case in past bear-markets where a huge sorting out occurred. Nevertheless, as people talking about second possible lockdown measurements this is not an issue we should ignore in this case I detected some interesting signals within this stock to determine future outcomes.

Looking at my chart you can watch there that the stock is still moving in its exponential growth impulse where it is approaching the full head-and-shoulder-target at 2170 which I already introduced in the previous analysis, this can be a significant technical turning point here in the structure where a reversal is showing up not only because traders taking profit but also because the stock is overbought. Usually when such targets are reached there is minimum a correction when not bigger pull-back, what is also matching here is the end of wave 5 of the major wave-count the stock established overall making this zone around 2000-2250 a possible short-zone where a higher likelihood is given that the stock reverses, this does not mean the stock is completely bearish nevertheless it can indicate firstly pull-backs before a possible back-up can be considered which is healthy and can provide solid setups for further growth.

When the stock confirms a pull-back in the suggested range it will continue till there is significant support found in which the stock has firstly at the rising rising grey trendline together with the 60-EMA marked in green. When the stock approached these support cluster a bounce and recovery are possible, it is highly important that the stock holds these levels to recover because when it does not and closes below bearish pressure will increase which will point to the next alignments. Next times will show how TSLA reacts in the target-zone and where it can recover from a pull-back overall the stock has some solid supports in the range, therefore, a completely bearish perspective would be exaggerated but what we should not keep by side is that an increase in corona can lead to downside volatility similarly to those mechanisms seen this year, therefore, in this case, it has to be elevated how the stock evaluates this and proceeds in the range.

In this manner, thank you for watching, support for more market insight, all the best!
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Information provided is only educational and should not be used to take action in the market.

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ANALYSIS UPDATE: TSLA continued to moved into the major 1790 level to bounce within the range and emerge with further breakout accelerations above previous highs.