Hello all, and thanks for supporting the channel.
Looking at TSLA on the weekly timeframe we see that the price of TSLA once again is inside a descending/downtrending channel.
We have two previous rejections on top of this channel with over 30% drops, and I believe we can see third 30% drop too.
The long ascending line has a support point at around $240, and also the Fixed Range Volume Profile provides a point of control at this same price.
With the weekly RSI being in the overbought territory, and the CM_Ultimate calling for a drop, TSLA can fall all the way to $185 if the $240 level fails.
We can then expect a bounce from the 200 week EMA.
Thanks for reading, and stay tuned. Enjoy.
Looking at TSLA on the weekly timeframe we see that the price of TSLA once again is inside a descending/downtrending channel.
We have two previous rejections on top of this channel with over 30% drops, and I believe we can see third 30% drop too.
The long ascending line has a support point at around $240, and also the Fixed Range Volume Profile provides a point of control at this same price.
With the weekly RSI being in the overbought territory, and the CM_Ultimate calling for a drop, TSLA can fall all the way to $185 if the $240 level fails.
We can then expect a bounce from the 200 week EMA.
Thanks for reading, and stay tuned. Enjoy.
Comment:
RSI is oversold in 4HR, 1D, and 1 week timeframes.
Comment:
If the $205 level doesn't hold, we will see another 20% drop towards the $180.
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I think we will see the TSLA price below $200 when the market opens.
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Update on the 200 EMA. Currently at $160.
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And we hit the target today. I see more downside.
Comment:
Perfect price action for TSLA this week. 2 targets hit and one more to go. I still believe we will hit $160 and fill our last buy in order for this stock.