Nathan_Black

TSLA: Inside a Trap Zone!

NASDAQ:TSLA   TESLA INC
Hello traders and investors! Let’s see how Tesla is doing now!

The price is struggling a lot around its supports at the 21 ema and at the $ 448.78, and the fight between buyers and sellers is quite intense now.

The bullish momentum lost strength, and pullbacks are expected. As we discussed yesterday, if TSLA loses the supports mentioned above we’ll see some bearish reaction.

Right now, the hourly chart is in a boring congestion, and this could be stressful. Now, let’s see the daily chart:


Tesla is inside a Trap Zone, meaning it is trading between the 21 ema and the previous resistance. This is a quite dangerous situation to trade, because it could go anywhere from here.

But I still believe a retest of the 21 ema is possible, before it resumes the bull trend. We still don’t see any reaction around, and the volume is still quite low.

Next week Tesla is going to release its Earnings, and surely this will bring some volatility , and this is good. Usually we see some good opportunities after volatile moments.

But since the trend is bullish , we can use the $ 461.88 as the most important Pivot Point, because if it’ll be defeated, Tesla will easily hit the All Time High again, as there are no other resistances between these two points.

Let’s see how Tesla will react in the Trap Zone. Once it get out of it, we'll have clearer targets. The scenario is quite complex, but after hard times, easier times always come. Support this idea if you liked it, and follow me to keep in touch with my daily updates on Tesla!

Have a great weekend.

Comments

Always enjoy your analysis. Crystal clear and on point. Thanks
+3 Reply
@kchallaD, I appreciate the support, Kchalla! Thank you!

Have a great weekend!
Reply
Thank you so much! I saw your name on their and got excited because you have the best analysis. Gifted. How high you think it can hit if it rallies?
+2 Reply
Nathan_Black nspang2004
@nspang2004, Thank you very much, Nspang! Nice to see you here, again!

If it rallies, I would aim at the All Time High, but if NDX continues going up, TSLA could go even further!

Cheers!
Reply
Great as always. Is the pennant triangle (light grey) showing that Tesla moved outside of it (the past 7 days), which is Bullish?
+1 Reply
@moonshot, Yep, Tesla is bullish, but we are expecting some pullback, as the NDX is dropping a little and probably will drag TSLA with it.

Thank you for the support, Moonshot!
Reply
Well said. I really enjoy reading your analysis.
+1 Reply
Nathan_Black pleasantMagpie
@pleasantMagpie, Hey Magpie! I really appreciate your support!

I'm glad you enjoy my ideas! I'll update it today.

Best regards.
Reply
Excellent and timely analysis as usual. Currently trapped in a swing position at 450. (Also have a super long term position.)
+1 Reply
Nathan_Black Alice_Greencroft
@Alice_Greencroft, Thank you very much, Alice!

Yep, you bought inside the Trap Zone, so it is going to take a while before you see some action. Patience is the word for you right now.

Either way, stay safe!
+1 Reply
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