TSLA: Targets and Key Points!
Hello traders and investors! Tesla is doing a phenomenal movement today! Let’s what’s going on here, and what to expect next.
As we discussed yesterday, TSLA is now engaged in a short-term bull trend, as it has been doing ascending tops and bottoms in the hourly chart. It also defeated its resistances, like the pink line ($ 398.80), which was our target since Friday, and the black line ($ 426.20).
Since all these resistances were defeated, now they will work as supports for the price, in case of a pullback, according to the Principle of Polarity in Technical Analysis. But the black and pink lines aren’t the only supports around, as the ascending 21 ema is an important indicator to keep in mind.
The target for the short-term is the green line at $ 502.20, and as long Tesla keeps trading above the black line, there’s nothing indicating that the bull trend will get weaker.
Now, the daily chart:
Today Tesla is leaving a Gap, and a question remains: What kind of gap is this? If it is a Common Gap, it will be filled quickly. But this could be a Runaway Gap, which could lead Tesla to its target at $ 502 very quickly. Either way, we will have our answer soon.
The trend is still bullish in the daily chart, as we don’t see descending tops and bottoms. The 21 ema is starting to point upwards again, and there’s nothing indicating that Tesla will drop again.
The first sign that the trend can change (or at least starts to get weaker) would be if Tesla starts to lose its supports in the hourly chart. They are my guide for now.
And if this analysis helped you, please, support it! And I invite you to follow me to keep in touch with my daily analyses. I’m sure you’ll find something interesting around here.
Stay safe.
As we discussed yesterday, TSLA is now engaged in a short-term bull trend, as it has been doing ascending tops and bottoms in the hourly chart. It also defeated its resistances, like the pink line ($ 398.80), which was our target since Friday, and the black line ($ 426.20).
Since all these resistances were defeated, now they will work as supports for the price, in case of a pullback, according to the Principle of Polarity in Technical Analysis. But the black and pink lines aren’t the only supports around, as the ascending 21 ema is an important indicator to keep in mind.
The target for the short-term is the green line at $ 502.20, and as long Tesla keeps trading above the black line, there’s nothing indicating that the bull trend will get weaker.
Now, the daily chart:
Today Tesla is leaving a Gap, and a question remains: What kind of gap is this? If it is a Common Gap, it will be filled quickly. But this could be a Runaway Gap, which could lead Tesla to its target at $ 502 very quickly. Either way, we will have our answer soon.
The trend is still bullish in the daily chart, as we don’t see descending tops and bottoms. The 21 ema is starting to point upwards again, and there’s nothing indicating that Tesla will drop again.
The first sign that the trend can change (or at least starts to get weaker) would be if Tesla starts to lose its supports in the hourly chart. They are my guide for now.
And if this analysis helped you, please, support it! And I invite you to follow me to keep in touch with my daily analyses. I’m sure you’ll find something interesting around here.
Stay safe.
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