We've been trading in arange since the beginning of the month. This range has been broken on Tuesday to the downside. Since then the rate's been fluctuating. But the break shall not be without consequences as we could not close even above the tops since past Friday. This shall confirm the new downward bias.
There is a new chance for higher rates as we have retraced 50 % of the former rise now.
...than gold. And as we are facing a resistance and having retraced 50 % I am looking for a further decline now.
It looks like if the 38 % retracement shall be filled before the index may rise again.
We reached a support zone. This zone has been tested in the past and sometimes temporarily broken. I expect it to happen this time again, i.e. the index shall flucuate around it for a while and the decide whether it will break through or retrace up. There is a cross resistance at around 12300-12350 which I see as a target that shall not be broken to confirm the uptrend.
We reached the former top of the previous trading range wich is at once the 50 % retracement of the rise since February. This has been reached the second time now. In my opinion a new trading range is building. This means that we shall rise now to test the new top of this range.
The price fell below its rising support since Jan. 27th , while the rising support since 27th December, 2015 has been broken past week already. This shall result in a further drop of the price for a while.
Yesterday's high exceeded the May highs. This is a sign to me that there will be another hike. May be that it will not take us to far as we are still in a sideward zone.
This new high cancelles the inital target at 112. Thus the trend may continue without a correction.
Tesla is retesting the median bottom of the rising channel. As it has been falling substantially there is time for a retracement. Additionally there are 2 windows to be closed.
The May high has not been reached again. Thus we shall see a test of the downside now.
That means that another attempt to the downside may occure.
This lower opening unvalidates the hammer and is a sign for continued selling.
Tesla looks like the NASDAQ - toppish, i.e. exhausted after last week's spike; the more that Tesla' s spike has been driven by spekulations of an overteak.
The stock may continue its impressive rise now even if it may not be as impressive as it was.
The retracement of the downmove seems to be finished. Now another test of the support may be outstanding.
The stock has retraced 63 % of its decline and reached an interesting level now, i.e. the highs of April, 2015 and May, 2016. They have proved to be the market balance from November, 2016 till April, 2017 and may be a support now.