Yellow lines - Symmetrical triangle
Purpleline - Bear pennant forming
White wave - 21ema
First thing I want to point Is Tesla relationship to its 21ema. Look at the Rally from Aug up until it's November 4th high. Notice how it rode its 21Ema? that's a sign of strength in TSLA. The same thing movement happened from Nov 2020 to Jan 2021.
I point that out to say this , whenever Tesla starts to lose its 21ema in combination with lowering volume it means the bull party is over.
Tesla closed Friday right below and outside its triangle and is now forming a bear pennant. A bear pennant is similar to a bear flag.
Resistance of that bear flag is right at TSLA 21ema so the chances of a breakout is slim.
Tsla couldn't even break back inside of the triangle on a day the NDX rallied over 1%. So I think unless Tesla can break above its 21ema this will be the last week we see 1000 before heading lower.
Purpleline - Bear pennant forming
White wave - 21ema
First thing I want to point Is Tesla relationship to its 21ema. Look at the Rally from Aug up until it's November 4th high. Notice how it rode its 21Ema? that's a sign of strength in TSLA. The same thing movement happened from Nov 2020 to Jan 2021.
I point that out to say this , whenever Tesla starts to lose its 21ema in combination with lowering volume it means the bull party is over.
Tesla closed Friday right below and outside its triangle and is now forming a bear pennant. A bear pennant is similar to a bear flag.
Resistance of that bear flag is right at TSLA 21ema so the chances of a breakout is slim.
Tsla couldn't even break back inside of the triangle on a day the NDX rallied over 1%. So I think unless Tesla can break above its 21ema this will be the last week we see 1000 before heading lower.
