Well, Tesla still didn’t lose the at $ 406 (blue line), and as we’ve been discussing for the past few days, it is the most important point for Tesla right now.
Today we have a nice reaction, but we still must be aware of the purple trendline, because if Tesla fails in defeating it again, we may have a H&S chart pattern, and this could be what the bears need to defeat the $ 406. Only if Tesla defeats this trendline the momentum will get weaker, but it won’t be a reversal sign yet.
The next challenge for Tesla is the $ 425 (green line). Above this point the bulls will be on charge again, and the previous resistances will work as targets, like the $ 442.50 and $ 461.88.
Let’s see the daily chart:
This is a boring congestion, and there’s not much to tell. Today the stock is reacting in a support zone, which is good, but we have no clear trend.
Right now, Tesla is in the middle between the All Time High and the support at $ 359. Also, we must keep an eye on the , as it must increase to confirm the next big movement.
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You caught my eye with this one because I also made a view on Tesla, just on a Daily timeframe instead of 1-hour.
I'm expecting the price to fall to these 2 mentioned levels and then react to them as support:
Would appreciate your opinion on it, hope you don't mind me sharing!