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!