TSLA: What's next for it?
Hello traders and investors! Let’s see how Tesla is doing today! Let's do a Multi Time Frame Analysis (MTFA) and study some scenarios to work with from now on.
We have a bull trend in the hourly chart, as it is doing higher highs / higher lows, but it just hit an important resistance level, the pink line at $ 442.50. As evidenced by the pink arrows, it worked as support and resistance in the past.
It seems Tesla will fail in defeating this resistance, so a retest of the 21 ema or the black line at $ 430 is something we can expect in the short-term. This pullback would be considered normal and healthy, but we may see a sharper pullback if Tesla loses the black line. In fact, although the stock is bullish in the hourly chart, the daily chart is still in a congestion:
We see that Tesla is moving sideways since the beginning of September, but it seems we have a clear resistance at $ 461, which is a target for us right now.
The 21 ema is flat, and Tesla needs more volume to defeat the $ 461 for good. I still see the $ 406 as an important support zone, despite the fact we had a false breakout from it in the beginning of this month.
The yellow area is an interesting buy zone, and we must look at the weekly chart to understand why:
The yellow zone is a triple support area in the weekly chart, made by the 21 ema, the previous support (pink line) and the purple line, which was support and resistance for the price in the past.
We can’t be sure if Tesla will ever hit the yellow zone again, but if it loses the $ 406, then we can focus on this area. But for now, let’s keep our eyes open in the hourly chart, as I believe it’ll offer us a better view of the situation on Tesla.
And if this idea helped you, please, support it! And follow me to keep in touch with my daily analyses.
I wish you all a great Monday!
We have a bull trend in the hourly chart, as it is doing higher highs / higher lows, but it just hit an important resistance level, the pink line at $ 442.50. As evidenced by the pink arrows, it worked as support and resistance in the past.
It seems Tesla will fail in defeating this resistance, so a retest of the 21 ema or the black line at $ 430 is something we can expect in the short-term. This pullback would be considered normal and healthy, but we may see a sharper pullback if Tesla loses the black line. In fact, although the stock is bullish in the hourly chart, the daily chart is still in a congestion:
We see that Tesla is moving sideways since the beginning of September, but it seems we have a clear resistance at $ 461, which is a target for us right now.
The 21 ema is flat, and Tesla needs more volume to defeat the $ 461 for good. I still see the $ 406 as an important support zone, despite the fact we had a false breakout from it in the beginning of this month.
The yellow area is an interesting buy zone, and we must look at the weekly chart to understand why:
The yellow zone is a triple support area in the weekly chart, made by the 21 ema, the previous support (pink line) and the purple line, which was support and resistance for the price in the past.
We can’t be sure if Tesla will ever hit the yellow zone again, but if it loses the $ 406, then we can focus on this area. But for now, let’s keep our eyes open in the hourly chart, as I believe it’ll offer us a better view of the situation on Tesla.
And if this idea helped you, please, support it! And follow me to keep in touch with my daily analyses.
I wish you all a great Monday!
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