Hello traders and investors! Let’s see how Tesla is doing today!
We have a short-term bull trend in the hourly chart, as the 21 ema is pointing up and it is trading above its supports, namely the red and blue lines, which are strong price levels for Tesla.
For now, the green line at $ 428.08 is the next resistance to be defeated, and above this point, the bull trend gains strength. The situation would get complicated for Tesla only if it loses its supports, then the $ 360 would be the target for it.
But, as far we don’t see lower highs/lower lows, the trend will remain bullish, and the $ 461 is the current target.
Let’s see the daily chart for more clues:
The main trend is bullish, but Tesla had been moving sideways since the beginning of this month, which is normal, as the whole stock market is losing strength now. As we already discussed, Tesla’s chart is highly correlated to Nasdaq Composite, and the lack of primary drivers only makes things more complex.
The 21 ema is still flat, and the volume decreased in the last few days.
The $ 359 region seems to be a strong support for the stock and is very close to the $ 360 support seen in the hourly chart. Any pullback to this region would be interesting.
These are the most important points to keep in mind right now, and if you liked this analysis, please, support it! And I invite you to follow me to keep in touch with my daily updates!
Trade well, and stay safe!
We have a short-term bull trend in the hourly chart, as the 21 ema is pointing up and it is trading above its supports, namely the red and blue lines, which are strong price levels for Tesla.
For now, the green line at $ 428.08 is the next resistance to be defeated, and above this point, the bull trend gains strength. The situation would get complicated for Tesla only if it loses its supports, then the $ 360 would be the target for it.
But, as far we don’t see lower highs/lower lows, the trend will remain bullish, and the $ 461 is the current target.
Let’s see the daily chart for more clues:
The main trend is bullish, but Tesla had been moving sideways since the beginning of this month, which is normal, as the whole stock market is losing strength now. As we already discussed, Tesla’s chart is highly correlated to Nasdaq Composite, and the lack of primary drivers only makes things more complex.
The 21 ema is still flat, and the volume decreased in the last few days.
The $ 359 region seems to be a strong support for the stock and is very close to the $ 360 support seen in the hourly chart. Any pullback to this region would be interesting.
These are the most important points to keep in mind right now, and if you liked this analysis, please, support it! And I invite you to follow me to keep in touch with my daily updates!
Trade well, and stay safe!
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👉 Join the 5%: thefinancehydra.com/
💲💲 Project 5%: + 104%
🔹 S&P500: +35%
💪 Public track record.
