TSLA seems to be one of the few stocks that is within a bullish price action structure while the rest of the market is getting smashed. This to me looks like a bullish pennant, and if TSLA can continue to hold the rising line of support and its 200 weekly MA, it could be set up to succeed as the rest of the market falls off. We can see TSLA got rejected once more off of the top of the pennant structure, and is currently holding right above a cluster of its weekly moving averages. I think there is a good possibility this will retest the bottom of the pennant structure again around 260-270, and if it can hold that rising line of support and the 200 weekly MA again, that would be incredibly bullish in my opinion.
What to watch for:
-Retest of the rising line of support and the 200 weekly MA around 260-270. If it holds again and starts to move back up, price could be setup to retest the top of the pennant structure, if not just outright break out to the upside.
-If that rising line of support/200 weekly MA does not hold again, we could see a break-down out of the pennant, and we could TSLA drop down to the $100-200 range, if not lower.
-This is not financial advice. Always do your own research and own due-diligence before investing and trading, as for investing and trading comes with high amounts of risk.
What to watch for:
-Retest of the rising line of support and the 200 weekly MA around 260-270. If it holds again and starts to move back up, price could be setup to retest the top of the pennant structure, if not just outright break out to the upside.
-If that rising line of support/200 weekly MA does not hold again, we could see a break-down out of the pennant, and we could TSLA drop down to the $100-200 range, if not lower.
-This is not financial advice. Always do your own research and own due-diligence before investing and trading, as for investing and trading comes with high amounts of risk.