Nathan_Black

TSLA: Reacting near a support level!

NASDAQ:TSLA   TESLA INC
Hello traders and investors! Let’s see how Tesla is doing today! It did a pretty scary movement yesterday, right? Let’s talk about it.

Well, Tesla still didn’t lose the support level 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 bearish 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 volume , as it must increase to confirm the next big movement.

This was our daily update on Tesla , and if you liked it, please, support this idea! And follow me to keep in touch with my daily updates on Tesla and other stocks!

Trade well.

Comments

head, and shoulders knees and toes
+4 Reply
Hi Nathan,

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!

Cheers
+1 Reply
MichaelConn Trader_Dale
@Trader_Dale, I am on the edge of my seat! Wondering what kind of time frame for testing the 300 support is realistic. A couple of my puts expire on 20 Nov.
Reply
Trader_Dale MichaelConn
@MichaelConn, If you're asking what timeframe I'll be trading it on, it'll be daily. :)
Reply
Hello Nathan! Your calculations were right on, keep the good work, I really appreciate to learn from you :)
Reply
Wave E of a triangle likely terminated at today's low at target 380 (379.11) with bullish divergences in indices at least short term. Coming above yesterday's highs will confirm a low is in place.
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