• TSLA lost its key support at $187, and it triggered a H&S chart pattern in the daily chart;
• In the 1h chart, it failed in breaking its resistances, and the bias is clearly bearish, as it is doing nothing but lower highs/lows;
• Even if TSLA does a bullish reaction, it would have to face multiple resistances, making a bullish thesis more unlikely;
• First, in the 1h chart, there are the 21 ema and the purple trend line connecting the previous tops;
• The $187 is a key point visible in both, 1h and D charts (it is the neckline of the H&S pattern in the daily chart);
• In the daily chart, there’s the 21 ema, which TSLA for the first time since January;
• In order to reject this bearish thesis, TSLA would have to do an amazing reaction, breaking all these resistances – so far, there’s no such reaction;
• Keep in mind that TSLA just triggered an H&S chart pattern in the daily chart, and a pullback to the next resistance area is plausible. According to Bulkowski, H&S patterns have a pullback ratio of 68% (Encyclopedia of Chart Patterns);
• I’ll keep you updated on this every day.
Remember to follow me to keep in touch with my daily analysis!
• In the 1h chart, it failed in breaking its resistances, and the bias is clearly bearish, as it is doing nothing but lower highs/lows;
• Even if TSLA does a bullish reaction, it would have to face multiple resistances, making a bullish thesis more unlikely;
• First, in the 1h chart, there are the 21 ema and the purple trend line connecting the previous tops;
• The $187 is a key point visible in both, 1h and D charts (it is the neckline of the H&S pattern in the daily chart);
• In the daily chart, there’s the 21 ema, which TSLA for the first time since January;
• In order to reject this bearish thesis, TSLA would have to do an amazing reaction, breaking all these resistances – so far, there’s no such reaction;
• Keep in mind that TSLA just triggered an H&S chart pattern in the daily chart, and a pullback to the next resistance area is plausible. According to Bulkowski, H&S patterns have a pullback ratio of 68% (Encyclopedia of Chart Patterns);
• I’ll keep you updated on this every day.
Remember to follow me to keep in touch with my daily analysis!
🔴 Only 5% of traders manage to beat the market.
👉 Join the 5%: thefinancehydra.com/
💲💲 Project 5%: + 104%
🔹 S&P500: +35%
💪 Public track record.
👉 Join the 5%: thefinancehydra.com/
💲💲 Project 5%: + 104%
🔹 S&P500: +35%
💪 Public track record.
