Hello traders and investors! Let’s see how Tesla is doing today!
First, in the 1h chart, we see something that could look like a Round Bottom, which is a pattern that I don’t like to trade. It seems we never know we are doing a Round Bottom for sure, until the pattern is almost done.
Either way, the $ 645 was the Key Point, as we discussed in our last study (link below). Now that Tesla is trading above it, we may see a pullback to this level again, which is quite close to the 21 ema as well.
This movement would be natural and wouldn’t ruin the bullish bias seen here in the 1h chart. Now, let’s see the daily chart:
Ok, Tesla didn’t trigger the Piercing Line pattern we discussed last week. But today it triggered yesterday’s Bullish Engulfing, which is a good buy sign. The volume seems to be increasing again, but there’s one problem.
The 21 ema is here to offer a resistance. But if everything moves according to this Multi Time Frame Analysis (MTFA), the 21 ema in the daily chart could be the perfect excuse to TSLA drop to the support level we mentioned above, in the 1h chart.
This could create a complete bullish structure and make TSLA reverse the bearish bias. Let’s see how TSLA will behave now, and if you like this analysis, remember to follow me to keep in touch with daily studies! And remember to support this idea with your like before you leave!
After just reading 7:00 am EST article..I am going to hold on. In Texas, the brand new Tesla facility is doubling it's initial hiring size from 5000 to 10,000 people. There may be a momentum run but its hard to say if it lasts
or if it still sells off today/tomorrow.
Hanaumapaul
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Awesome Nathan! I was not paying attention (need to join your investing service).
Nathan_Black
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@Hanaumapaul, Thanks, Hanaumapaul! I appreciate the trust!
Also, thanks for the insight, didn't know that about Texas facility!
Trade well.
Trambi
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Great work Nathan ,much appreciated as always.
Nathan_Black
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@Trambi, Thanks, Trambi! I always appreciate your support, friend!
or if it still sells off today/tomorrow.