Hello traders and investors! Let’s see how Tesla is doing today!
In my last analysis, we discussed the possibility of a pullback if Tesla loses the red line at $ 493 and Thursday’s low ($ 487.57). Well, it briefly lost the red line on Friday, but it wasn’t enough.
I was already skeptical about a sharper pullback, but today’s movement is quite surprising. It seems we have Runaway Gap here, which is a good sign. This tells us that the bull trend is strong, and we know that when Tesla engages in a bullish momentum, it is hard for it to stop.
If it loses the $ 508.61 it might do a pullback to the 21 ema, but there’s nothing telling us that this will happen right now, and there's no top signs. In fact, the $ 508.61 was a pivot point for Tesla, and since it was triggered today, the stock is ready for new record highs.
Now, let’s see the daily chart:
Friday’s candlestick had very low volume, and this indicated to us that the bears weren’t serious here.
Tesla could drop to the purple line around $ 461.88 and the bull trend would still be intact. But I find it very hard to hit there, because the trend is very strong. We can accept pullbacks as opportunities to buy, but it is hard to tell what point Tesla could drop before going up again.
I think the supports seen in the hourly chart are more reliable for now, like the $ 508 region, and the 21 ema. Even the Runaway Gap will work as a support in the future, but I’m skeptical about the $ 461.88.
Let’s follow the movement on Tesla closely! Therefore, you are invited to follow me to keep in touch with my daily updates on Tesla and other stocks! And support this idea if it helped you!
Have a great week!
In my last analysis, we discussed the possibility of a pullback if Tesla loses the red line at $ 493 and Thursday’s low ($ 487.57). Well, it briefly lost the red line on Friday, but it wasn’t enough.
I was already skeptical about a sharper pullback, but today’s movement is quite surprising. It seems we have Runaway Gap here, which is a good sign. This tells us that the bull trend is strong, and we know that when Tesla engages in a bullish momentum, it is hard for it to stop.
If it loses the $ 508.61 it might do a pullback to the 21 ema, but there’s nothing telling us that this will happen right now, and there's no top signs. In fact, the $ 508.61 was a pivot point for Tesla, and since it was triggered today, the stock is ready for new record highs.
Now, let’s see the daily chart:
Friday’s candlestick had very low volume, and this indicated to us that the bears weren’t serious here.
Tesla could drop to the purple line around $ 461.88 and the bull trend would still be intact. But I find it very hard to hit there, because the trend is very strong. We can accept pullbacks as opportunities to buy, but it is hard to tell what point Tesla could drop before going up again.
I think the supports seen in the hourly chart are more reliable for now, like the $ 508 region, and the 21 ema. Even the Runaway Gap will work as a support in the future, but I’m skeptical about the $ 461.88.
Let’s follow the movement on Tesla closely! Therefore, you are invited to follow me to keep in touch with my daily updates on Tesla and other stocks! And support this idea if it helped you!
Have a great week!
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👉 Join the 5%: thefinancehydra.com/
💲💲 Project 5%: + 104%
🔹 S&P500: +35%
💪 Public track record.
