TSLA: The LAST support in TSLA! It must react quickly!
Hello traders and investors! Let’s see how TSLA is doing today!
As we mentioned yesterday, TSLA is trading at the support area, around $ 792, which is the most important support level for the mid-term. Now, is the last chance for TSLA to react, and if it doesn’t, it could easily drop more $ 100 at least. Remember, the link to my previous analysis is below this post.
So far, it seems it is trying to stabilize in this area, but just some stabilization is not enough, and we must see a true bullish reversal structure in order to believe TSLA is a buy again.
As long as this doesn’t happen, I’ll remain neutral, as the risk/reward ratio is not good for short-trades, but there’s nothing telling me to buy TSLA right now.
However, if we see a bullish reaction, the gap at $ 920 would be our next target. Remember: TSLA always filled the gaps that appeared above the price, 100% of the time. This is not true for gaps that appeared under the price, though.
This is why if TSLA loses the $ 792 for good, it could drop at least more $ 100. The next support in the daily chart is this purple trend line, and it wouldn’t be interesting at all for TSLA if it retests this level.
The volume is low, and this makes the stock vulnerable to catalysts, good or bad. So far, we see no meaningful buy signal, but the moment it does, it would be an incredible buy opportunity. I’ll keep you guys updated every day, so remember to follow me to keep in touch with my analyses.
As we mentioned yesterday, TSLA is trading at the support area, around $ 792, which is the most important support level for the mid-term. Now, is the last chance for TSLA to react, and if it doesn’t, it could easily drop more $ 100 at least. Remember, the link to my previous analysis is below this post.
So far, it seems it is trying to stabilize in this area, but just some stabilization is not enough, and we must see a true bullish reversal structure in order to believe TSLA is a buy again.
As long as this doesn’t happen, I’ll remain neutral, as the risk/reward ratio is not good for short-trades, but there’s nothing telling me to buy TSLA right now.
However, if we see a bullish reaction, the gap at $ 920 would be our next target. Remember: TSLA always filled the gaps that appeared above the price, 100% of the time. This is not true for gaps that appeared under the price, though.
This is why if TSLA loses the $ 792 for good, it could drop at least more $ 100. The next support in the daily chart is this purple trend line, and it wouldn’t be interesting at all for TSLA if it retests this level.
The volume is low, and this makes the stock vulnerable to catalysts, good or bad. So far, we see no meaningful buy signal, but the moment it does, it would be an incredible buy opportunity. I’ll keep you guys updated every day, so remember to follow me to keep in touch with my analyses.
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