Hello traders and investors! Let’s talk about Tesla today!
Ok, Tesla materialized the worst-case scenario we talked about in our last study (link below this post), and now it is trying to bounce back, as expected.
We discussed that this is as far as Tesla could go in the short-term, and now Tesla is almost triggering a bullish structure, or a pivot point, if you will. The black line at $ 685.10 is the key point here, and if Tesla defeats it, it’ll reverse the trend in the short-term. In this scenario, the gap at $ 733.70 is the next target to work with.
What’s more, Tesla just dropped enough to fill one of its past gaps, as evidenced in the chart, which is also a support zone for the price. But it is not over yet! We have another interesting support, seen in the daily chart:
The trend is still bullish in the daily chart, as we have higher highs/lows, and Tesla just hit the purple trendline again. This makes the zone around the red line a Triple-Support Zone, and it won’t be easy for Tesla to lose it.
The volume is another nice thing to look at. After our Ignition Bar, on Friday (which was denied thanks to the recent drop), Tesla has been dropping with low volume. The fact that we have low volume, and the stock is dropping/moving sideways indicates that there are no true sell pressure around. If there were any pressure, the volume would be higher.
Meanwhile, let’s wait for any bullish confirmation on Tesla. If you liked this analysis, remember to follow me to keep in touch with my daily studies, and please, support this idea if it helped you!
So in short words, it is going up and it looks like in an upward trend from here and forward since we tested the lows.
thank you nathan
Mnk10
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nathan do you mean that is going up?
jtdesign7277
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@andreskim10, it means the probability of it closing lower then 670 is probably not going to happen, although with Fridays data coming out i wouldn't hold a damn thing thursday night.....just sayin good luck