I do not trade America stocks, but some ask me about the movement of TSLA, so I will share my opinion here in public.
First, I can say that the trend for TSLA now is bearish now. Since broke down support 779.33, technically, the bullish trend is over. Buying momentum has been gone since that. If we talk about the market structure, you can see obvious two "box range" correction already happened (I draw for you with arrow 1 and 2 , showing you how this correction in market).
Second, TSLA, after reached 541.04, all of a sudden make a false break and came back again above 619.42 and could test again 712.60, but then it failed to break that resistance line and make market dropped again. Technically, what we see here is sellers dominance show off in market.
What will happen in the near future?
TSLS will be ranging between 712.6-619.42 , and this is not the right time to think to buy or hold your position. In fact, if some of you still profit , this is a chance to take profit when price can go to 712.6 or near it. Sellers still strong, and there is a possibility very high, that sellers will drop market again , deeper to 461.7-450.98 after break down 619.42.
I suggest to wait over those strong support if you want to get a buy chance for this TSLA.
But , for now, bye-bye bullish.
It is safer to take side now.
First, I can say that the trend for TSLA now is bearish now. Since broke down support 779.33, technically, the bullish trend is over. Buying momentum has been gone since that. If we talk about the market structure, you can see obvious two "box range" correction already happened (I draw for you with arrow 1 and 2 , showing you how this correction in market).
Second, TSLA, after reached 541.04, all of a sudden make a false break and came back again above 619.42 and could test again 712.60, but then it failed to break that resistance line and make market dropped again. Technically, what we see here is sellers dominance show off in market.
What will happen in the near future?
TSLS will be ranging between 712.6-619.42 , and this is not the right time to think to buy or hold your position. In fact, if some of you still profit , this is a chance to take profit when price can go to 712.6 or near it. Sellers still strong, and there is a possibility very high, that sellers will drop market again , deeper to 461.7-450.98 after break down 619.42.
I suggest to wait over those strong support if you want to get a buy chance for this TSLA.
But , for now, bye-bye bullish.
It is safer to take side now.