Nathan_Black

TSLA: The most relevant points for the short-term!

NASDAQ:TSLA   TESLA INC
Hello traders and investors! Let’s see what Tesla is doing today!

We are above a quite important support at $ 406, which is the most important point for Tesla in the short-term, in my view. So far, the stock is resisting, but we are still in a Trap Zone, between support and resistances.

Yesterday, Tesla failed in defeating the purple trendline, along with the $ 425, and this was enough to frustrate the bulls. But if Tesla reacts, and manages to defeat its resistances, the $ 442 would be the first target to aim.

On the other hand, if it loses the $ 406, it’ll seek lower supports. The thin blue lines are micro support levels, and I’m sure about how relevant they are, so I would use the daily chart for more clues:


Again, since there are no relevant supports, the $ 359 is still here, and it would be a target if Tesla drops. The stock is still inside a congestion, and there are no amazing signals around here.

The volume can’t stop dropping, but the stock is not as vulnerable as we think it would be. While the indices are all losing supports, TSLA is still resisting very well.

Let’s continue monitoring the $ 406, and the resistances above $ 425, as they are the most important points for Tesla right now. And if this analysis helped you, please, support it! And follow me to keep in touch with my daily updates on Tesla and other stocks!

Stay safe!

Comments

The fact that Predident Macron announce complete lockdown for 4 weeks and the rise of covid cases could impact tsla deliveries.
+1 Reply
@Shanlys, Yep, so far the support is holding the price quite well. We don't know how much of the Covid's impacts are already priced, but the chart will always give us some nice insights.

Trade well.
Reply
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