Hello traders and investors! Let’s look at how Tesla is doing today! This is going to be a Multi Time Frame Analysis, and we'll look at the hourly, daily and weekly charts.
The stock dropped a lot on Friday, and now it is doing a pullback to its resistances, like the 21 ema and the $ 406.
As we’ve been discussing here, the $ 406 is the most important point for Tesla, and now that it just lost it, it’ll work as a resistance in the short-term. We have a purple trendline guiding the price as well, and Tesla is in bear territory.
What could make Tesla enter in bull territory again? First, it must react and close above the $ 406, then it must defeat the purple trendline. This would make Tesla enter in bull territory again, at least in the mid-term.
Now, let’s look at the daily chart:
Tesla is not showing any signs of life here, as it is dropping, and the volume is still quite low.
Now, the stock is trading under the 21 ema and under the $ 406, the previous support, and now, the next target for Tesla is the $ 359. Let’s keep in mind that the yellow area between the $ 359 and $ 329 is a strong support zone, and an interesting buy point for Tesla.
The yellow area is comprised of the support at $ 359, the support at $ 329 and the weekly 21 ema, as we can see in the chart below:
As long as we don’t see a clear reaction on Tesla, it’ll just seek this support area, and I believe this would be a healthy movement for the stock.
These are the targets for Tesla in the mid-term, and if you liked this analysis, please, support it! And follow me to keep in touch with my daily updates on Tesla and other stocks!
Let's see if the support is at @359-360. Not sure.. as I see it going down at 311 support.