Hi Traders,
In this analysis, we will take a look at TESLA on the weekly time frame.
Let's see what is going on here:
In June 2023 Tesla broke the downsloping resistance line and made a beautiful move towards 0,618 fib leve which was a target for bulls . RSI hit overbought level (70) and we got a pullback.
But what just happened? The price BACKTESTED previous resistance and confirmed it as a support. We got a solid bounce on the weekly timeframe and bullish engulfing candle which should imply more upside in the next weeks.
The target for bulls: 340 -345 $ , but if bulls are very agressive they may target even 385 $.
From there we expect a major correction.
Do you agree?
In this analysis, we will take a look at TESLA on the weekly time frame.
Let's see what is going on here:
In June 2023 Tesla broke the downsloping resistance line and made a beautiful move towards 0,618 fib leve which was a target for bulls . RSI hit overbought level (70) and we got a pullback.
But what just happened? The price BACKTESTED previous resistance and confirmed it as a support. We got a solid bounce on the weekly timeframe and bullish engulfing candle which should imply more upside in the next weeks.
The target for bulls: 340 -345 $ , but if bulls are very agressive they may target even 385 $.
From there we expect a major correction.
Do you agree?
Comment:
So far so good
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